While the Commodity markets were deeply oversold, the USD hit a 70 RSI on both Daily and Weekly charts. Perhaps this will spur a small bounce.
The overall markets are aligning very defensively as the $SPX tests prior highs. While it means some sectors are still working, other former leaders are struggling. The Perf Chart below is for the last 22 days relative to the $SPX.
Due to some technical problems within my computer, I am unable to annotate charts to go along with the video this week. So here is the video I recorded on Monday August 20th.
This Commodities Countdown video discusses the US Dollar, Oil, Gold and an update on Marijuana.
The Final Bar.
If you are missing intermarket signals in the market, follow me on Twitter and check out my Vimeo Channel often. Bookmark it for easy access!
About the author:Greg Schnell, CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the Market Technicians Association (MTA) and the International Federation of Technical Analysts (IFTA).
Greg is also the co-author of Stock Charts for Dummies (Wiley, 2018).
Greg joined StockCharts.com in 2012 and has be instrumental in helping launch a variety of new blogs and other commentary platforms. Presently, Greg contributes market analysis commentary to The Canadian Technician, Commodities Countdown and Don't Ignore This Chart blogs.