Interesting charts of the day
Price charts show the money flows.
US 10-Yr Treasury Yield ranging in a lengthy process of base formation development as investors slowly lose confidence in further deflationary recession forecasts. Note the recent failed upward break on this Merrill Lynch 10-Yr Total Return Index, which is now testing its MA. It is susceptible to another similar sized correction such as we saw in 2009, 2010/11 and 2013. A bigger downside move by this lagging indicator would provide additional confirmation that the 35-year bull market in Treasuries is over.
Comex Copper (weekly & daily) accelerated lower today, moving closer to its August and September lows. This could be climactic but requires a sharp rebound to confirm support near 220¢.
London Spot Gold’s (weekly & daily) persistent decline is now deeply oversold on Stochastics and near the last two lows in September and early October. However, another upward dynamic is required to indicate recovery potential beyond temporary steadying within the overall downward trend.
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