Market Comments

Nasdaq Index (2067)
I had earlier assumed that we would approach a wall of resistance at the 2200 area. I think we have an otherwise healthy but determined trading range here - with the 1800 area as possible support and a minor but positive bias for the trading range beyond the short term. Within the channel we could be struggling to complete a "B" Wave top now, which implies an eventual move lower rather than higher once the secondary top (2100 area) is completed.

S & P 500 Index (1197)
I had suggested that a late cycle rally might pause at the 1200 level. We are doing that, but now my concern is that we could retest the 1150 area before moving on in a narrow trading range between about 1150 and 1250. Not much to work with, but modestly positive beyond the near term.

U.S. T-Bill Yield 91-Day (3.04 percent)
Losing steam quickly in the 3 percent area. Top formation 3 - 3.25 percent area?

Market Comments

U.S. T-Bill Yield 91-day (2.97 percent)
Needs to digest the 3 percent resistance level, but there is every indication that it could go still higher after that.

PHLX Bank Index (99.48)
I had said we were witnessing a late cycle rally. The rally proceeds but appears to be running out of steam very quickly. It could be over already.

CRB Index (304.33)
Near term correction could be ending. Looking for a rally. Strong longer term uptrend.

Hong Kong Hang Seng Index (1387)
Stuck in a narrow short term trading range for the moment, and longer term trend lacklustre .

U.S. Light Crude Oil (54.50)
Sharp correction short lived and again reaching for important resistance at the $60 area in a powerful uptrend.