Here's a quick tour of all major asset classes. A couple interesting events are taking place - namely in the gold miners and US Dollar.
$SPX (Weekly) is making another run for multi-year channel resistance while carrying negative RSI divergence.
$TNX (Daily) - 10year Treasury Yield continues to act weak after breaking down from a 1-year topping formation with negative RSI.
$UST (Daily) confirms the picture above. This week, the 10year Treasury Price retested the neckline of a rounded bottom base with bullish RSI divergence.
$HYG (Weekly) - The Corporate High-Yield ETF is retesting a 5-year falling wedge breakdown.
$JNK:$USB (Daily) - This week, the junk to long treasury bond ratio retested the neckline of a broken top. Notice the bearish RSI divergence of this ratio as well. Just like HYG, this ratio is giving a warning for US equities.
Friday was the last trading day of August and the monthly chart for the USD is breaking 10-year resistance. A retest of this breakout line should be expected.
EUR (Weekly) is looking very ugly: In a free-fall with no major support until 128 (-2%).
YEN (Weekly) also is very weak, with further room to fall.
Seasonally, September is gold's best month of the year. And while the US Dollar has had its best 2-month rally since early 2013, Gold and Gold miners have held up relatively well and did not breach their June lows.
Gold, Silver and Silver:Gold (Weekly) all held price and RSI support this week
The gold miners also made good progress this week. Here's GDX (Weekly close) rallying after retesting dual support
GLDX (Weekly) held support at the 2-year base neckline.
This week, HUI (Weekly) starting doing what I've been waiting for. The well-defined 2-year base neckline inched towards a breakout. Watch for follow-through this coming week.
CDNX (Weekly) - The Canadian Venture is highly correlated with gold and coal miners. It's weekly chart has been very clean & impressive: A 3-year falling wedge breakout & retest was followed by a double bottom base breakout & retest. The recent lows a couple weeks ago took us to RSI support and we bounced from there. Watching the purple pennant to resolve to the upside.
Commodities seem to have found support in recent weeks.
Here are DBA and DBC weekly charts on both price & RSI support:
Natural Gas (weekly) has been rallying off a 5-year support line.
JJC (Weekly): Copper slipped 2% this week but is still holding a 3-year wedge breakout
KOL (Weekly): Coal continues to hold support at the 2-year base neckline.
CCI:SPX (Weekly) ratio gained 1% this week after retesting the 3-year falling wedge breakout in the previous week.