Bill Baruch, president of BlueLineFutures.com asks; is a reflexive bounce in order?
The US Dollar will have to lead by moving lower. 3970-3975 held in the S&P 500 (SPX) (Major three-star support). 12,200 is major support for the Nasdaq. The market is overdue for a reflexive bounce across the board (Crude Oil is above $113.00). The overnight low in Gold (GC=F) was $1,786, holding support, but needs to gain traction. If the US Dollar reverses, we think that will be the catalyst for the metals to gain some positive footing.
Learn more about Bill Baruch at Blue Line Futures.