Week’s Best Performer: WTI Crude Oil +9.6%
Week’s Worst Performer: FTSE 100 Index +1.7%
Gold is continuing to outperform Lumber on a rolling 13-week relative performance basis, however, Lumber jumped +9% this week making for a pivotal offense/defense performance matchup week coming up. The S&P 500 has had a tremendous run off its recent lows, moving up +9% to now test resistance at the 2,000 threshold. If it can break above 2,000, the benchmark S&P 500 will return once again to its 100-point trading range (record territory), however with a very bearish “head and shoulders” pattern potentially forming, the index could weaken and stay range-bound within 200 points between 1,800-2,000 in the near future.