Summary Conclusions & Key Points:

1. Most risk asset markets are trending down with some key exceptions
            Bonds/Gold/US dollar [safe havens?]
2. Key changes from 1-month ago
a. Oil weekly trend has turned down
b. Among the 18 currency pairs we track regularly only two continue to appreciate against the US dollar; the Japanese yen and Chinese yuan

S&P 500 Index Trend: Down Comment: Failed resent test of the 55-day week moving average (blue line) i.e. strong resistance there.