Weekly Seven Days Ahead Multi-Asset Technical Strategies 15th May 2018
This week's Multi-Asset Technical Strategies is attached.
CURRENCIES:
The surge in Dollar strength has caused a convincing turnaround against Sterling. Less so against the Euro. The Yen has simply re-entered an old trading range, as has Sterling Euro. Cable is the interesting market.
STOCKS:
The completed bull triangle in the S&P is terrifically exciting for the bulls. Hard on the heels of that break (but less structurally compelling) is the FTSE's push through Prior Highs having bounced off powerful long-term support and the Nikkei's similar 'long and short' bounce and breakout. Note the lack of a similar bullish long-term structural solidity in the European markets.
BONDS:
These markets were not exciting over the week; the long-term breakdown of the US market (we think) has reverberations in the Gilt and Bunds, and they too remain variously bearish, without any short-term breakdown to add to the general picture.
COMMODITIES:
Oil is still very bullish - the short-term target is $77, longer-term over a $100. Gold lacks interest except in the very short-term where it is testing the bottom of a powerfully well-established trading range.
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