Benchmarks : Weekly Update

• USD Index : Downtrend intact. Watch possible test of DownTL at 77.43. Role as risk proxy complicated by non-uniform reaction vs (JPY+CHF) and vs High Yielders. Also Japanese fiscal half year closing complicating matters further.
• US10YY : Yields look top heavy to me. Even better if we can break 3.26%.
• S&P500 : Latest candle is a black one. But until TLs are broken or reversal patterns evident (so far none), it's still in an UpTrend!
• Gold : Close back below 1005.4 is disappointing but triangle still valid. Expect full or partial test of triangle support line at 972 driven by USD/fx moves.