Equities rallied big today, but there were plenty of no-shows in the "risk on" arena.
The bullish case for the US Dollar remains in place. Despite a phenomenal rally in equities this week, the US Dollar has held on support. its mirror, the Euro, has been unable to punch through its downtrending resistance line from its early-May high.
Like the Euro, commodities have failed to participate in the upside. Below is Light Sweet Crude Oil, which also remains neatly butted against its downtrending line of resistance.
As does copper on its weekly chart:
As an aside, another “risk-on” asset, high yield bonds, also did not participate in today’s rally.