Monday is a Bank Holiday in the UK and is Memorial Day in the US, so the week ahead will be a shortened trading week.
Despite the recent rally, the long-term trend remains down for all stock indices. The Nasdaq 100 remains by far the strongest index and may well test and possibly exceed the February all-time high.
However, the other global indexes are weaker and are struggling to make any upside progress, finding resistance around the 61.8% retracement levels of the prior decline.
Gold made a new high for the week but remains below the April high. Silver continued the rally that began last week but turned lower on Thursday. The long-term trend remains down.
The energy markets have continued their recent corrective rally, which appears as though it may be running out of steam at a critical resistance area.
The Dollar continues to consolidate against the majors. So far, the Dollar has only completed a breakout against the British Pound, but multiple breakouts are within range for a resumption of the long-term dollar bull trend.
Interest rate futures
Interest rate futures continue to consolidate in a very tight range just below the highs of the year, in the case of the shorter-term markets. The 10-year T-Note, and the weakest in the sector, the 30-year t-bond continue to trade in rectangles. An upside breakout in these two markets would likely lead to a test of the March high. Volatility has gone from an extreme high in March, to the current low levels, which are also low by historical standards.