Stocks are modestly higher this morning, with S&P 500 and Dow futures up about 0.1%. Gold is higher and Bitcoin has moved back above $84,000, while Oil is lower.
The Dollar remains the most interesting development. After running into resistance near 101.5 yesterday, the Dollar has pulled back. Gold is beginning to rebound from its possible Day 51 DCL, while Bitcoin is also firming. This is the price behavior we wanted to watch following the Dollar’s rejection, although it is still too early to draw a larger-cycle conclusion.
Nothing in this morning’s action materially changes what we are following. The Dollar remains in its Daily uptrend, Gold still needs additional price confirmation, and Bitcoin remains within its recent consolidation. The relationship between Dollar weakness and the response in Gold and Bitcoin bears watching as the regular session develops.
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