Been busy, and still am– quick post…
S&P retesting and selling off 200DMA. Breakdown through 1040 should usher in major selling. Bear market is back.
AUD/USD continues to be best metric for risk appetite. Chart remains bearish and after the large selloff from 200DMA breakdown, the consolidation appears ready to break and resume selling. Recent WSJ article about copper price worries on back of Chinese economy cooling hurts Aussieland quite a bit (exporter of such metals), and its property bubble is preparing for burst any minute now.
USD, as expected, is being bid heavily. Congrats to readers who have used my commentary for actionable trade ideas reaping in profits.