Many seem to be talking about the growth/reflation theme that has taken place post election. Did this theme really start improving post election? The chart below would put a little question into the date. Below looks at the TR Commodity index over the past 40-years. The index hit support at (1) and started to moving higher. When did the index hit a low last year on a monthly closing basis? The monthly low took place at the end of February 2016, 9-months “before” the election.

Joe Friday Just The Facts– The growth/reflation theme would be put into question, if neckline support at (1), would happen to give way! A support break at (1), would suggest that dis-inflation or de-flation is in play.

So far weakness in the index since the highs back in 2011, has not impacted stocks in a negative way at all. Stocks and this index did bottom together at (1) and both have struggled a little, as resistance was hit at (2) in the chart above.

Below looks at Crude Oil over the past decade and what is taking place after it hit an 800-pound resistance line.

Crude Oil and the NYSE index don't always correlate. They have over the past two years. With Crude kissing the underside of 800-pound resistance at (2) and turning lower, stock bulls hope that either Crude bounces back or correlations between the two end.