Nothing major to capture in weekly outlook compared to what was already noted in previous Jun 5th daily update at this
link. S&P continues to be in phase2 uptrend until <SP_W2> surprising traders who still hold a bearish outlook in the interim. A clear confirmation of this anticipated uptrend was the last Friday's weak jobs report and yet S&P pushed higher. If the same news had come prior to June 3rd, markets would have nose-dived clearly emphasizing how cycles (rather than news and media) control price dynamics in financial markets. More than the news, it is its interpretation that matter the most and that changes when cycles are going up or going down.
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| S&P Daily Chart - 06/09/2019 |
We continue to hold bearish outlook on US Dollar as cycles have turned down and last week's anticipated market action provided a confirmation. Now, a continued follow through is needed on the down side to surprise traders who are still looking for DXY > 104 (prior peak).
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| DXY Futures Monthly Chart - 06/07/2019 |
