GAN2017 Begins To Crumble
Craig Hemke | Mar 27, 2017 02:39AM ET
With the defeat late Friday of the Trump-Ryan healthcare bill, the realization that GAN2017 is in jeopardy has suddenly seemed to grip the "markets".
There's a lot going on this evening, thus this unusual Sunday night post. We'll go into much more detail on Monday but, suffice it to say, The Generally Accepted Narrative for 2017 is beginning to crumble.
The USD is falling, the USD/JPY is down over a point, S&P 500 Futures are off by nearly 20 points and gold is approaching $1260 and a critical test of the 200-day MA.
First, note the breakdown in the USD:
Speaking of breakdowns, check the swoon in the USD/JPY that has fully reversed the late Friday ramp and is now making new 2017 lows.
The long bond is back under 3.00% while S&P futures are tanking:
And, most importantly, Comex Digital Gold is approaching the 2017 highs seen back at the end of February and it appears ready for that test the 200-day moving average that we've been expecting. Watch very closely overnight and through the London morning.
Much more in the morning.
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