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Morning Matters:

Follow-up Items
by Geoff Garbacz

July 5, 2018

This morning we wanted to give some updates on a few themes we have been writing about. They includes gold, S&P 500 and the U.S. dollar.

Gold had a nice reversal day on Tuesday in shortened trading. It produced the first green Heiking Ashi in quite some time. We need to see more improvement but this is a nice start.

The S&P 500 is still sees the 5,10,20, 50, 100 and 150 day moving averages very close to the current price. The only moving average not right next to the current price is the 200 day moving average. As such, volatility remains.

The U.S. dollar has not broken out to new highs in the past several sessions and is lower this morning by -0.37%. Watch for a break of $24.70 on UUP to confirm this reversal.

Back in mid June, we noted that oil via USO would likely turn up from the mid $13 level. It has and then some as it moved above $15 on Tuesday before fading back under that level by the close. The easy money is now in for oil. The move back above $15 will be a challenge.

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