“Perfection is not attainable, but if we chase perfection we can catch excellence.” – Vince Lombardi

As w have warned, even if we are in a bear market or a prolonged correction, rallies can and will likely be very vicious. It’s all about follow-through and how we react at key levels now. In today’s session, we will go through these levels and structural resistances in more detail.

Interestingly enough, the Shanghai Composite just printed new lows and other asset classes remain muted despite yesterday’s action in US markets. Needless to say, things can stay out of whack and divergences can easily extend but still it’s worth keeping an eye on this and CNH too.

Going into the FOMC minutes remember to keep an eye on Bonds and the USD… that ZB/DXY split screen will be key for cycles across the board.

Make sure you catch up on our latest Weekly Outlook Video.

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“If the problem has a solution, worrying is pointless, in the end the problem will be solved. If the problem has no solution, there is no reason to worry, because it can’t be solved.” – Zen Proverb

For the shorter-term cycles, all that really matters is how we close the week. We will have plenty to review and discuss both today and in our upcoming weekly outlook but for now, these are the levels to keep an eye on.

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“Unless commitment is made there are only promises and hopes, but no plans.” – Peter Drucker

Markets continue to hover at key inflection points as the misinformation continues with a very biased news feed.

Despite all the wheeling and dealing, DXY and therefore the Euro, remain stuck in a range, whilst the really interesting action started in the metals and is slowly moving into the equity space. Keep an eye on how the metals continue to trade and how they manage to tackle the all too common ‘Whac-A-Mole’ attempts that we continue to see at the all too usual times.

Last week started with the focus on what was shaping up in the metals complex. We started this week focusing on individual sector performance, then we reviewed the action FANGs and today we will drill down on the Yen and the Nikkei.

As already discussed, we are hovering around key inflection points across the board and the weekly closes will likely provide very important clues on how the next roations will play out.

ICYMI, please check out our latest Weekly Outlook Video.

If you are interested in a more structured way of tackling the business of trading, attending a live daily morning call or a more detailed discussion on the charts we post / trade ideas, don’t hesitate to check out our Premium content.