Stocks are lower this morning after Monday’s decline, with S&P futures down modestly as rising Treasury yields continue to pressure equities. The Dollar is firm, Gold is attempting a modest rebound, while Oil is extending its advance. Reuters
Oil is the most interesting development this morning. Crude is advancing for a second session as it builds on its recent strength, while the Dollar remains supported by rising yields. Gold is stabilizing near its recent low, but that does not change yesterday’s important breakdown in the Miners. Reuters
Nothing in this morning’s action materially changes what we are following. Stocks remain below the 7800 breakout level, the Miners remain in a daily downtrend following Monday’s bearish follow-through, and Gold still needs to provide evidence that its decline has completed. Oil’s continued strength bears watching as the regular session gets underway.
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