MBO Issue 113 (May 2021) Everything is Hanging on the Direction of US Dollar
By Lawrence
Content
- Review
- Euro Lifted by Bearish Speculation on US Dollar
- S&P Equal Distance Move Mostly Completed
- Gold Bullish Scenario Unstable
- Bitcoin Downside Target Established
- 10-Year Note Yield Rate Up Cycle Projection
- Big Picture Summary
Review
Euro found support at up channel bottom, recovered to channel mid.
S&P traded up to target resistance zone and reacted to it. NFP week saved the day helping S&P to print a new all-time-high weekly close.
Helped by weaknesses in US dollar, gold managed to move higher back up to down channel top.
Bitcoin weaken below upper target with classic chart pattern in place.
10-Year Note Yield Rate shallow pullback as expected.
So the classic bullish April played out nicely. Would a classic bearish May return this year after 5 long years of missing in action?
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