Stock market suffered relatively modest selloff and commodities a true panic this week. All with a bounce of the dollar from a very oversold position and a minor support. This appears to me like a nice reset of the recent froth.
SPX remains in an uptrend with good support both from the trendline and support zone that covers 1320-1340.
I will spend more time on commodities in this update, since that's where the action was this week.
I have been watching a potential rising wedge in Oil, expecting it to complete in June-July in time for the Summer correction, but last week made it clear that it was not a wedge but a flat, as you can see below.
I will mention Airlines here, since they trade contra-cyclical to oil and are in a bear market until proven otherwise. My suggestion is: do not get suck in.
Silver did not heed my good wishes and did what silver does well- sold off violently, landing at the support which should hold.
Natural gas is getting on my nerves, but that's hopefully for the last time.
In summary, we just had an interesting but healthy week- if my take on it is correct.