So we finally did breakout to new highs, but barely. There has not been much follow through yet and the market has been pretty boring, which increases the chances of this being a false breakout. We will most likely retest the breakout point over the next week or so. A nice little pullback here would also help give bonds some footing which have been getting hammered over the last few weeks.
As expected from the weekend update the dollar has found its footing here and commodities have taking a step back. We will probably see a range develop in the dollar first and then a breakout one way or another but I need to see more bars before making a call.