Both the Nasdaq 100 and the S&P 500 made new all-time highs this week, but both corrected lower to end the week down.
The RSI has dipped below the 60 level but remains very much in the bull range, and the long-term trend remains up. However, the close below the April high, which should have held firm due to change of polarity, does put a question mark against the current trend.
Gold broke out to the upside from the triangle to print its highest price in 6 years. Silver also had a strong week, rallying to its highest level in over a year.
Palladium, which has been the strongest of the metals of late, and the only one to hit new all-time highs this year, had a corrective week and saw prices break below short-term support.
The dollar has had a mixed week. The Dollar Index ended the week slightly higher but remains within a trading range. Some of the majors have shown some strength against the dollar, with both the Australian and New Zealand dollars reaching their highest levels since April.
Meanwhile, at the other end of the scale, the British Pound fell to its lowest level since April 2017 before posting a mild recovery. As with the Pound, the Euro remains in a long-term downtrend but is currently in a trading range.
Interest rate futures
The trend for interest rate futures remains up, and some strength has been seen this week. The current technical picture suggests that the rally is not done and that we will see new highs above the highs printed at the start of the month.