Going into 02/05/2019, S&P continued to show the expected strength and futures made an up move in the early part of the day reaching 2737 (testing 50W MA, 200D MA). Hourly cycles started to turn down and led to a decline into 2723. The decline was short lived (unexpected) and S&P futures rallied back to 2737 finally closing at 2731. Short term cycles are still down and expect to see some consolidation and weakness tomorrow. The next impulse up move only starts in the later part of the week.
US Dollar index has started to uptrend back again - a bit early though. There is still some more time for cycles to bottom out and we are expecting one more weakness.
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| US Dollar Index Daily - 02/05/2019 |