From the Desk of Ian Culley @IanCulley

Dollar bulls, be warned!

The US Dollar Index $DXY is sliding toward the lower bounds of a multi-month range. 

Yes, it’s still a sideways mess. And it will remain a mess as long as its former support level holds.

But based on the most recent data, my money is on a downside resolution for King Dollar.

Especially when I consider last week’s breakout in Canadian dollar futures…

Besides the DXY trading below 101, I’ve monitored two key data points for confirmation of continued dollar weakness:

• the euro trading above 1.08, as it constitutes over 57% of the DXY (though recently it’s challenged a 1.10 handle); and
• commodity currencies, including the Australian, Canadian, and New Zealand dollars, reclaiming their respective July pivot lows.

It’s difficult to imagine the DXY ripping higher if its dominant component is completing a bearish-to-bullish reversal. Which the euro is.

Check.

From the Desk of Kimmy Sokoloff

The Nasdaq pulled in the most today, with $QQQ dropping down to its eight-day moving average.

Now, this is either a bull flag or we'll head lower.

We had a resting GTC order filled at our profit target in the Paid-to-Play portfolio today:

The next new position in our Paid-to-Play portfolio is:

We had a resting GTC order filled at our profit target in the Paid-to-Play portfolio today:

From the Desk of Kimmy Sokoloff

This morning the market is unchanged.

And we have Fed Chair Jerome Powell speaking at 10:00 a.m. ET.

The most significant transaction on today's list comes in a Form 4 filing by Matrix Capital Management.

The hedge fund reported the acquisition of 4,760,000 shares, equivalent to $107.8 million, in the small-cap biotech company Zentalis Pharmaceuticals, Inc $ZNTL.

This is the video recording of the June 2023 Mid-month Conference Call.

From the Desk of Ian Culley @IanCulley

I left gold bugs an urgent message last week.

“This mess could turn downright ugly for the entire precious metals space if buyers don’t step in and support higher prices in palladium – and fast.”

I am many things, but “alarmist” isn't one of them. I simply find it hard to believe gold will post new all-time highs while palladium falls to fresh five-year lows.

Call me crazy, but those two puzzle pieces don’t seem to fit.

Perhaps we’ll never know for sure, as buyers showed up right on cue, driving palladium higher ahead of the three-day weekend. 

Last week’s strength bodes well for all metals, industrial and precious. So I’ll reiterate critical levels to trade against in palladium.

But I also want to share a strong correlation between this multifaceted metal and a market I would never have guessed…

All Star Charts is excited to announce a thrilling collaboration with the Chartered Market Technicians Association and Centerpoint Securities. Together, we aim to discover the finest trading talents in Southeast Asia.

In the company of my esteemed All Star Charts partner, Steve Strazza, I am thrilled to embark on a remarkable journey spanning eight cities across seven countries over the course of 21 exhilarating days this July.

During our travels, Steve and I will have the privilege of sharing the stage with numerous local experts. Together, we will deliver captivating presentations on the art of technical analysis and delve into the intricate realm of the trader mindset. These enlightening sessions will take place in a diverse range of venues, providing a unique opportunity to explore the fascinating world of domestic stock and futures markets through the lenses of traders from various backgrounds and perspectives. Needless to say, we cannot contain our enthusiasm for this incredible experience!

But that’s not all!

From the Desk of Kimmy Sokoloff

Trading was pretty sloppy overall, with names struggling for momentum.

Some certainly pulled through, though.