From last week on the Nasdaq 100, “The market continued its rally from the spring pattern printed during the prior week but has not yet completed the recovery to print a new all-time high. We may see that this week.” The Nasdaq 100 did complete the recovery and broke out to new all-time highs once again. The S&P 500 also completed a breakout and change of long-term trend back to up but remains below its all-time high.
Gold and Silver have both continued their sharp rise this week, until Friday, where both markets experienced sharp reversals. The trend remains up for both, but as we have written in recent weeks, volatility is extremely elevated and likely at unsustainable levels short-term. The trend is up and is expected to remain so for the foreseeable future, but a correction back to fair value is probable.
The Dollar has had a mixed week. The rally that began with a bullish engulfing pattern on the prior Friday fizzled out quickly, and the market came back down to test that previous week’s low. Friday again saw a bullish candle, so the index is trying to bottom. For now, the trend remains against the Dollar.
Interest rate futures
Interest rate futures made new highs for the current move but ended the week slightly lower. They continue to trade in a shallow volatility environment. The trend remains up.