Today was as an impressive display of price action, but unfortunately we still don’t have any additional confirmation of whether the bullish scenarios or bearish scenarios are going to play out in our positions. Only higher highs or a failed daily cycle will provide that information, and for now we must continue to watch the subtle clues that the market leaves behind.
The biggest news of the day was the collapse of the dollar below its multiyear trendline because almost everything else went up today as a result. The bottom in the dollar in 2011 is what killed commodities, and now that the uptrend is potentially broken commodities may be free to run again:
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Have a great night everyone and leave any questions in the comments section as always.
Good trading all.
Steve Chapman, TRI
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