Is DXY topping...for now...
Besides the illustrated Indicator signals, CoT Data on DXY shows Commercials at a (typical) turning point extreme.
Nov '18, Oct '19 both previous times where Commercials were more than 40k Net Short...Extremes in the Commercials tend to correspond with turning points in the market.
This is a BIG SHIP steering though, it's not a turn-on-a-dime kind of move. It's just saying, if you're in good profits Long DXY, maybe take a chunk off the table. Certainly we can get another push higher, I'll likely be looking to short the market if we do.
Nov '18, Oct '19 both previous times where Commercials were more than 40k Net Short...Extremes in the Commercials tend to correspond with turning points in the market.
This is a BIG SHIP steering though, it's not a turn-on-a-dime kind of move. It's just saying, if you're in good profits Long DXY, maybe take a chunk off the table. Certainly we can get another push higher, I'll likely be looking to short the market if we do.
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