The S&P 500 monthly is showing another close above the upper Keltner line. On another rally, the market may test 2138.
Key price levels I will be watching next month will be 2049, 2031, and 2040.
The monthly outlook remains bullish.
US Dollar – DX futures continue to rise. Demand for USD has only gotten stronger this year and price has exceeded previous highs in 2009. A close above 90 in the H5 contract is a very bullish sign.
US Stock Market – The Dow Jones Industrial, S&P 500, and NASDAQ 100 all exhibit strong bullish trends that have yet to break in the past 3 years. A change in trend would require a monthly close beneath the following levels:
Oil – Crude looks like it’s going to retest the 2009 lows near 33.
Gold – Despite my username, gold has yet to mount a rally that’s lasted more than six months. I think that as long as the US Dollar remains in a bull market, gold will continue to decline.