“Inflation Invasion Relation”
What is clear about the US Equity markets’ trend is that it is down, with a series of lower highs and lower lows despite the tremendous volatility of last week. The GoNoGo Oscillator is testing the zero-line from below, and while the trend condition is in its weaker pink form, it is still a “NoGo.” This week, Alex and Tyler discuss the commodities arena with a view to metals & mining, agricultural commodities and of course the energy complex which is surging higher on $110/barrel oil. In fact, the metals and mining industry is performing solidly on both an absolute and relative basis.
Then, Alex and Tyler look at $XME/SPY – the relative ratio of the metals and mining ETF against the S&P 500 showing a strong week of relative gains above prior resistance on strong blue “Go” trend conditions. GoNoGo Oscillator has rallied positive after months of indecision at the zero-line.
00:00 – Intro
01:17 – GoNoGo Cross Sector Heatmap
02:35 – S&P 500 GoNoGo Trend – H&S Top? Bear Trap?
07:05 – S&P 500 Sector Relative Strength Against Benchmark
09:15 – Oil Topped $100! Light Crude ($WTIC)
11:41 – Supply Disruption: Wheat ($WHEAT)
16:01 – Glide Path of a Brick: Russian Trading System Index (RTSI)
17:51 – Running to Safety? U.S. Dollar (UUP)
19:58 – Metals and Mining (XME:SPY), Uranium Mining ETF (URNM)
24:36 – Copper Trade: Freeport-McMoRan (FCX)
26:13 – Bitcoin to U.S. Dollar ($BTCUSD)