We have a very interesting game of bluff going one. Just as the oil price dipped below the support and so did the SPX. Then OPEC suddenly came out and mentioned they could consider cutting oil output.
I am just keeping an eye on the USD index 4hr chart here. Chris Weston form IG markets seems to think that the BoJ will go further into negative rates but will also look at further balance sheet expansion to deter yen buyers. Have to see how it plays out
Gold mth in $USD broke above the kijun sen but it needs to close the mth above. Only when I see that will I start to become convinced that gold is in bottom reversal.
Oil daily we can see that the support is maintained thanks to OPEC.
$SPX daily is in lockstep with oil as it has been for some time now.
USD/JPY daily is holding support for now. See if it breaks down or retraces.
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