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Another decent employment set supported oil prices overnight, seeing WTI probe 70 resistance ahead of today’s Nonfarm payroll report.

If rising prices on lower volumes were of no concern to S&P 500 bulls, then yesterday’s bearish engulfing candle on high volume just might be.

Positive vaccine news helped lift Wall Street higher and send the dollar lower, providing a boost for commodities such as gold and oil.

The US dollar index (DXY) is holding above trend support after the ECB meeting. Despite this, the CRB commodities index is considering a breakout.

Yesterday’s rally broke the Nasdaq’s 4-day losing streak, yet it remains too soon to confirm whether its correction from its record high is complete.

The Nasdaq 100 printed a bearish engulfing week. The last time that occurred was in February and marked the beginning of a -12% retracement.

US indices have stumbled at their record highs, leaving the potential for a corrective phase. We also look at CAD/JPY ahead of today’s BOC meeting.

Tesla (TSLA) prices are making another attempt at reverting to the long-term bullish trend, whilst gold remains stuck in a $30 range ahead of today’s CPI report.

Despite the stronger dollar, gold held its own and rose above a key support level to suggest near-term strength could be on the cards.

The US dollar is finally showing signs of reverting to its pre-FOMC bullish move. And its overall trend structure suggests it could now break to new highs.

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Over the near-term we see the potential for the Dow Jones and FTSE to diverge, with the former showing a greater appetite to retest its record high.

Platinum futures rallied each day last week, yet with a cluster of resistance nearby we’re on the lookout for a swing high to form.

Volatility is likely to remain low ahead of today’s highly anticipated CPI data for the US (Core PCE). So we look at USD/CHF and the Nasdaq 100 ahead of it.

Silver (like gold) has failed to capitalise on the dollars correction, so if USD rises silver is a prime candidate for another leg lower.

Copper’s two-day rally has stalled at a key resistance zone, leaving a clear line in the sand for bulls and bears over the near-term.

In total there are 16 Fed speeches lined up this week, which could just as easily make or break the dollar during a time global markets are highly correlated to it.