bearish
Weekly Stock Bullfinder - Week of 7/17
SUMMARY
- After witnessing a parabolic advance at the beginning of the Federal Reserve’s tightening cycle in early 2022, the US dollar has decisely break down below prior weekly support levels in a large bearish engulfing candle last week.
- This breakdown can serve as a tailwind for multi-nationals (especially technology names), commodities, emerging markets, treasuries, and cryptos.
- The dollar is now sitting at a 15 month low. This decline may not be over as the MACD indicator is now crossing down.
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