Weekly Update – 18 August 2019 – LS Trader

Stocks

The Dax completed a change of long-term trend to down, but so far without follow-through. The Dax joins the Nikkei in a long-term downtrend, but neither index has made any progress to the downside since the breakout.

The S&P 500 and Nasdaq 100 both continue to trade in volatile fashion but remain in long-term uptrends.

Commodities

Gold reached its highest level since May 2013. Silver reached its highest level in 14 months. Both remain in long-term uptrends. Copper is the only metal currently in a long-term downtrend. Copper retraced this week to test the prior breakout level, which is now acting as resistance. The RSI remains in the bear range.

The energy markets continue to trade in a volatile fashion. Brent Crude, Natural Gas and Heating Oil are all in long-term downtrends. The latter rallied above short-term resistance this week.

Currencies

The British Pound has held support. The trend remains down, but new strength suggests resistance may be tested soon. Commercials remain very near an all-time net long position.

The long-term trends continue to favour the dollar overall. The Dollar Index itself has continued its receiver since support held.

Interest rate futures

The 30-year T-Bond made a new high print since October 2016 as interest rate futures continue to rally. Commercials are back to a net long position.

Interest rate futures remain in long-term uptrends across the board.

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