US & Global Market Internals

Last week we introduced Uncle Buck as an ‘internal’ and boy, did he not disappoint. USD dropped through the 94 area support and closed the week that way, despite a bounce on Friday. If the breakdown is not a whipsaw, our initial target is the 200 day moving average (currently 92.44) and the expectation would be for the global asset rally to continue. If it’s a head fake, it would likely be back to bearish for the global macro. As it stands now, USD is breaking down and markets are bouncing.

(Click on image to enlarge)

Let’s skip the charts and color code the internals again this week (blue: neutral, red: negative, green: positive)…

  • NDX new highs/lows was very weak while SPX is still firm S/T. Both of them are on negative divergences from the January highs.
  • Semi Equipment stocks are still in breakdown mode vs. broad Semi, which is still a negative divergence to Tech.
  • Industrial Metals have spiked vs. gold and Palladium has confirmed its bullish move vs. gold. This one demands a chart and Palladium tilts this indicator green.

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