Seven Days Ahead Weekly Multi Asset Technical Strategies 1st May 2018
This week's Multi-Asset Technical Strategies is attached.
CURRENCIES: The seeds of a Dollar resurgence are in place and they are especially well-developed against Sterling. The Dollar is close the breakout against the Euro too. The short-term revival of the Dollar against the Yen is impressive but that market lacks the longer-term bull Dollar structures that may fall into to place elsewhere.
STOCKS: Stock are poised in the US, the long-term trend has yet to clearly re-assert itself there. Though the clear possibility of a long-run Continuation Triangle in the S&P is a powerful encouragement for the bulls. FTSE and the Nikkei are more clearly long-term bullish so the short-term bull moves there have a more attractive context than those in, say, the EuroStoxx 50.
BONDS The sharp rallies at the end of the week were especially notable in Europe. More muted short-covering in the US and UK should find telling resistance not far above, which will test the resolve of the bulls. Overall the long-term context of all these markets remains bearish.
COMMODITIES: Gold is at the bottom of a short-term trading range and close to the top of a long-term range. Oil remains very bullish in the long and medium-term; over the last week there has been some sideways consolidation.
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Best regards,
Mark
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