AT40 = 37.6% of stocks are trading above their respective 40-day moving averages (DMAs)
AT200 = 40.2% of stocks are trading above their respective 200DMAs
VIX = 21.5
Short-term Trading Call: neutral

Commentary

via GIPHY

The week began with the exact same loss

AT40 (T2108) continues to drift higher and away from oversold conditions.

The currency markets have also demonstrated a relative lack of alarm. My favorite indicator of sentiment is the Australian dollar (FXA) versus the Japanese yen (JPY). AUD/JPY hit a low two weeks ago and has chopped higher ever since with more up days than down days. I am astounded the Australian dollar has avoided a massive beating with all the implications of a trade war for its biggest trading partner: China.

Source: TradingView.com

While AUD/JPY remains in a sell-off mode defined by a steeply declining 50DMA, recent stock market sell-offs and heating rhetoric on a US-China trade war did not prevent this tell-tale currency pair from generally rallying off March lows.