The Multi-Year Bear Market Returns

The Dollar Index is in a bottoming process.

The daily chart shows rising MOJO with the 21-day simple moving average at 76.08 and the 50-day at 76.85. The index has been below its 50-day since April 22nd.

The weekly chart shows oversold MOJO and a weekly close above the five-week modified moving average at 76.80 shifts the weekly chart to positive.

Comex Copper and Nymex Crude Oil straddle their 200-week simple moving averages.

The weekly chart for copper shows the importance of the 200-week simple moving average at 294, as MOJO flirts with rolling over below 8.0. Weekly support is 286.19 with monthly resistance at 324.52.

The weekly chart for crude oil shows the 200-week simple moving average as support at $75.44. This week’s resistance is $79.17. My annual pivots remain supports at $68.81 and $66.51.

Downside Stock Leadership comes from Transports, Small Caps and SOX.

Transports – The daily chart is becoming oversold with the 21-day and 50-day poised for a negative cross-over at 3845 and 3822.

The weekly chart shows declining MOJO with a reading of 5.9 on a scale of zero to ten. Quarterly support is 3158 with weekly resistance at 3878.

Russell 2000 – The daily chart is becoming oversold with the 21-day and 50-day poised for a negative cross-over at 600.44 and 595.78.

The weekly chart shows declining MOJO with a reading of 6.6. Quarterly support is 424.84 with weekly resistance at 617.97.

The SOX – The daily chart is oversold with the 21-day and 50-day poised for a negative cross-over at 318.47 and 316.99.

The weekly chart shows declining MOJO with a reading of 6.1. Annual support is 208.22 with weekly resistance at 320.10.

The Dow, S&P 500 and NASDAQ will follow.

The Dow – The daily chart has declining MOJO with my annual pivot as a magnet at 9,750. A close below the 50-day simple moving average at 9,723 is the next warning.

The weekly chart is still overbought with MOJO at 8.2. A close this week below the five-week modified moving average at 9,700 shifts the weekly chart to negative. Quarterly support is 7,962.

The S&P 500 – The daily chart has declining MOJO with SPX below the 50-day simple moving average at 1052.50. My annual pivot is 967.10.

The weekly chart shows that the Ascending Wedge that I have been focusing on has been broken to the downside. A weekly close below 1047.50 shifts the weekly chart to negative.

The NASDAQ – The daily chart has declining MOJO with the NASDAQ below the 50-day simple moving average at 2093 with the 200-day at 1790. Weekly close below 2083 shifts the weekly chart to negative.

Disclosure: I Hold No Positions in the Stocks I Cover.