By Chris Becker
The UK gets a new Prime Minister and Foreign Secretary (Brexit Leader Boris Johnson – talk about handling a hot turd) while stock markets tread water unsure of the future direction of the European colossus. Energy stocks dragged the S&P500 down as an unexpected lift in fuel inventories sent WTI below $45USD per barrel. Other commodities did better as copper, gold and silver rose as the USD firmed against the majors.
The Japanese Nikkei had a breather as Yen firmed slightly overnight against USD, futures indicating some modest falls on the open today. As I said yesterday, current price action is not enough to break rolling ATR resistance but the downtrend is definitively broken to the upside as momentum turns positive. I’m targeting the May high just above 17,000 points for this run:
