From last week: “Stocks appear to have put in a short-term bottom on the 30th October and have rallied since. This week has seen both the S&P 500 and the Nasdaq 100 rally to test the upper trendline of a symmetrical triangle. If the breakout is successful, we may see a test of the all-time highs.”
The S&P 500 did make a successful breakout and printed new all-time highs on Monday, but ended up with an ugly candle. However, the weakness of that candle came back to re-test the symmetrical triangle, and that level held, and the market made a new all-time closing high on Friday.
The Nasdaq 100 made a test of all-time highs also on Monday but was unable to breakthrough. However, a breakout is within range. The Nikkei reached its highest level since January 1992. Stocks remain bullish and in long-term uptrends.
The metals and energy markets have seen some volatile trading this week, but both sectors remain mostly rangebound. The long-term trend is still up for metals and remains down for energies.
Grains, especially the Soybean markets, remain bullish, having printed new highs for the current move once again.
The currency markets have seen mixed trading this week, with the long-term trend against the dollar across the board.
Interest rate futures
Interest rate futures completed a change of trend to down, but have since reverted back to within the prior range. The trading range had gone on for so long and been so narrow, that it would not require much in the way of strength to turn the trend back to bullish.