Cross-Asset Viewboard
ANALYSTDIRECTIONTOPICSUMMARYHORIZONFRESH
10Y / TLT
31 Views
Darius Dale REGIME NOWCAST · FUNNEL BEARISH Strong
TLT Treasury bonds face pressure toward a 6.00% 10-year nominal yield equilibrium absent policy intervention, as fixed-income technicals continue forcing markets higher in yield. LEVELS · TARGET 6
Month 2h
Danielle DiMartino Booth LABOR INTERNALS BULLISH Moderate
TLT Long bond yields should decline following a hawkish rate hike, aligning with what markets are already expecting for 10- to 30-year maturities. DIRECTION ONLY
Week 2h
Luke Gromen FISCAL DOMINANCE BEARISH Strong
TLT Long bonds face selling pressure as meaningfully larger prospective federal deficits increase through war spending or Fed rate hikes rather than cuts. DIRECTION ONLY
Year 3h
Jim Bianco RATES & FIXED INCOME BULLISH Moderate
TLT Long-term Treasury yields might be lower today if the Fed had recognized deglobalization-driven goods inflation earlier and tightened policy sooner. DIRECTION ONLY
Year 3h
Keith McCullough QUAD REGIME · FUNNEL BULLISH Moderate
TLT Eastern bond yields are backing off immediate-term overbought signals, implying lower yields and stronger long-duration bond prices in the near term. DIRECTION ONLY
Week 12h
Steve Hanke MONEY SUPPLY BEARISH Moderate
TLT Long bonds face renewed selling pressure as bond vigilantes reemerge, pointing to higher yields in the near term. DIRECTION ONLY
Week 13h
David Keller TECHNICAL · FINAL BAR BEARISH Strong
TLT Long-end Treasury yields are not done rising, and a 10-year yield above 5% would pressure bond prices as the market remains unprepared. LEVELS · RESISTANCE 5
Month 17h
Mark Newton INSTITUTIONAL TECHNICALS BULLISH Strong
TLT Long bonds should rally and yields should pull back if a 25-basis-point Fed hike is not accompanied by a hawkish press conference. DIRECTION ONLY
Week 23h
Andreas Steno Larsen GLOBAL MACRO BULLISH Moderate
TLT Long bonds have a strengthening bullish setup, with the case for a sustained bond rally increasingly coming together. DIRECTION ONLY
Month 1d
Cem Karsan DEALER GAMMA · VOL BEARISH Moderate
TLT Long Treasury yields should remain higher as improved growth expectations lift yields, while a Fed hike would ultimately raise rather than lower risk premia. DIRECTION ONLY
Month 1d
Mohamed El-Erian FED · POLICY ERROR BEARISH Moderate
TLT Bond yields face persistent upward pressure because current drivers merely accentuate an existing structural phenomenon rather than materially cause it. DIRECTION ONLY
Year 1d
Joseph Wang FED PLUMBING LOWER Moderate
TLT Treasury buybacks will not suppress yields effectively without revised criteria that overpay for rich securities, despite the expanded program's $6 billion capacity. DIRECTION ONLY
Month 1d
Brent Kochuba GAMMA · 0DTE · FUNNEL BEARISH Strong
TLT Ten-year yields holding above 5% would keep duration under pressure, while a break below that level could spark Nasdaq relief. LEVELS · RESISTANCE 5.03
Week 1d
Peter Schiff AUSTRIAN · GOLD BEARISH Strong
TLT Long-term Treasury yields have begun a durable reset higher, returning interest rates to levels incompatible with current asset prices and debt burdens. DIRECTION ONLY
Year 1d
Brian Shannon TECHNICAL · AVWAP BEARISH Strong
TLT The 10-year yield is headed toward 5%, implying lower long-duration Treasury prices during the near-term trading horizon ahead. LEVELS · TARGET 5
Week 2d
Lance Roberts MACRO · POSITIONING BULLISH Strong
TLT Government bonds offer attractive income and safety versus equities as fixed-income flows strengthen, making a long-standing preference for bonds more compelling. DIRECTION ONLY
Year 3d
Peter Reznicek MARKET PROFILE · ES BEARISH Strong
TLT Long Treasury bonds face further pressure as the 10-year yield closes strongly near 5%, signaling that the bond market is winning. DIRECTION ONLY
Week 4d
Jeffrey Snider DOLLAR LIQUIDITY BEARISH Moderate
TLT Long-term Treasury yields are likely to remain constrained relative to rising short rates as the yield curve continues flattening and risks reinversion. DIRECTION ONLY
Month 4d
David Woo RATES · FX · GEOPOLITICS BEARISH Strong
TLT Bond yields are expected to soar during September as converging political, geopolitical, and monetary risks create a worsening market environment. DIRECTION ONLY
Month 5d
Jason Shapiro POSITIONING · COT BEARISH Strong
TLT Treasury bonds continue trading poorly despite heavily short speculative positioning, and contrarian attempts to buy bonds lack the required market confirmation. DIRECTION ONLY
Week 6d
Charlie Bilello DATA · BREADTH BEARISH Strong
TLT The 10-year Treasury yield has surged above 4.9%, its highest level since 2023, indicating continued pressure on long-duration Treasury prices. LEVELS · RESISTANCE 4.9
Week 6d
Bob Elliott MACRO ALLOCATION BEARISH Moderate
TLT Long bonds fell roughly half a point after the Treasury announced activist buybacks at a $6 billion pace, signaling near-term duration pressure. DIRECTION ONLY
Week 7d
Chris Ciovacco TREND · CYCLE BULLISH Moderate
TLT Treasury-market technicals suggest any near-term giveback would most likely be a correction within an existing uptrend rather than a repeat of 2022 weakness. DIRECTION ONLY
Month 11d
David Rosenberg RECESSION RISK NEUTRAL Neutral
TLT Bond yields may not decline even if inflation expectations fall, unless the risk premium begins to ease over the next 12 months. DIRECTION ONLY
Year 14d
Peter Brandt CLASSICAL CHARTING BEARISH Strong
TLT Ultra 10-year Treasury futures remain in a textbook decline across several classical chart patterns, while a short position is held in five-year Treasuries. DIRECTION ONLY
Week 15d
Jurrien Timmer LONG-HORIZON MACRO BEARISH Strong
TLT Long Treasury yields are likely in a secular bear market and continue making new highs, despite efforts to contain the 10-year yield. DIRECTION ONLY
Year 20d
Ben Carlson ALLOCATION · BEHAVIOUR BULLISH Weak
TLT Bonds remain widely neglected as equity-market gains near 20% annually make fixed-income yields of 4% to 6% appear comparatively unattractive. DIRECTION ONLY
Year 24d
Peter Boockvar DATA REACTION BEARISH Strong
TLT Long-duration Treasuries face continued global aversion as foreign official buyers reduce net purchases, pushing US yields toward fresh multidecade highs. DIRECTION ONLY
Year 29d
Tom Lee US EQUITY STRATEGY BULLISH Moderate
TLT Long-end Treasury yields may soon subside as inflation concerns that have steepened the yield curve begin to fade. DIRECTION ONLY
Week 33d
Michael Howell GLOBAL LIQUIDITY BEARISH Strong
TLT Ten-year Treasury yields could test 6% in the not-too-distant future as accelerating nominal GDP growth pulls underlying US interest rates higher. LEVELS · TARGET 6
Month 34d
Ed Yardeni EARNINGS · PRODUCTIVITY BEARISH Moderate
TLT Long-duration Treasuries face downside risk if bond vigilantes push yields higher in response to escalating government debt and continued fiscal bailouts. DIRECTION ONLY
Year 36d2Y / SHY
10 Views Jeffrey Snider DOLLAR LIQUIDITY BEARISH Strong
SHY Two-year Treasury yields should continue rising as markets increasingly price one or possibly two Federal Reserve rate hikes following the energy shock. DIRECTION ONLY
Week 4d Lance Roberts MACRO · POSITIONING BEARISH Moderate
SHY Private business investment relative to GDP points to rising corporate borrowing demand, allowing lenders to lift borrowing costs as productive investment expands. DIRECTION ONLY
Year 13d Joseph Wang FED PLUMBING BEARISH Strong
SHY Short-term rates are likely to rise as Fed funds futures imply about two rate hikes over the coming year. DIRECTION ONLY
Year 18d Mohamed El-Erian FED · POLICY ERROR BEARISH Moderate
SHY Short-term Treasury yields are repricing higher after Chair Warsh’s firm commitment to the inflation target, flattening the 2s-10s and 2s-30s curves. DIRECTION ONLY
Week 19d Bob Elliott MACRO ALLOCATION BEARISH Strong
SHY Short-term rates should be 100–200-plus basis points higher than current levels based on every measure of the Taylor rule and economic conditions. DIRECTION ONLY
Month 19d Keith McCullough QUAD REGIME · FUNNEL BEARISH Moderate
SHY U.S. two-year Treasury positioning remains in a rails regime, signaling continued pressure on short-duration Treasury prices and higher front-end yields. DIRECTION ONLY
Week 21d David Rosenberg RECESSION RISK BULLISH Strong
SHY The two- and three-year Treasury area offers an attractive opportunity as pricing for at least one additional hike is expected to unwind. DIRECTION ONLY
Month 27d Darius Dale REGIME NOWCAST · FUNNEL BEARISH Moderate
SHY The 2-year nominal Treasury yield remains bearish in the volatility-adjusted momentum and probable-range models, preserving a negative near-term signal for short-duration Treasuries. DIRECTION ONLY
Week 27d Danielle DiMartino Booth LABOR INTERNALS TIGHTER Moderate
SHY Short-term interest-rate conditions remain tight for interest-sensitive US cohorts, with households increasingly expecting rates to rise and small-business bankruptcies up 24% year-over-year. DIRECTION ONLY
Month 32d Chris Ciovacco TREND · CYCLE BULLISH Moderate
SHY Short-term Treasury bonds relative to the S&P 500 are making a new all-time low, signaling investor confidence rather than defensive positioning. DIRECTION ONLY
Month 32dHigh Yield
10 Views Jeffrey Snider DOLLAR LIQUIDITY BEARISH Strong
HYG CCC credit spreads near 1,100 basis points signal distressed refinancing conditions, making defaults, restructurings, and creditor losses increasingly likely among the weakest borrowers. LEVELS · RESISTANCE 1100
Month 23h Darius Dale REGIME NOWCAST · FUNNEL NEUTRAL Neutral
HYG Private credit faces an illiquidity cycle from loans priced at uneconomic levels, but not a massive default cycle or significant capital misallocation in the current economy. DIRECTION ONLY
Month 1d Jason Shapiro POSITIONING · COT BEARISH Strong
HYG Credit spreads could keep widening as rising interest rates make financing increasingly difficult for AI companies and undermine the investment thesis. DIRECTION ONLY
Month 16d Jim Bianco RATES & FIXED INCOME BULLISH Moderate
HYG High-yield spreads remain near their tightest levels of the past two decades, showing no evidence of broadly higher credit premiums versus government bonds. DIRECTION ONLY
Month 17d David Woo RATES · FX · GEOPOLITICS BEARISH Moderate
HYG High-yield credit is vulnerable to renewed oil strength, with higher crude prices increasingly acting as a binding constraint on the risk trade. DIRECTION ONLY
Week 17d Chris Ciovacco TREND · CYCLE BULLISH Moderate
HYG High-yield credit remains well above a rising 200-day moving average and does not signal panic over multiple Fed hikes or showstopper inflation. DIRECTION ONLY
Month 18d Jurrien Timmer LONG-HORIZON MACRO BEARISH Strong
HYG Corporate bond spreads are likely to widen considerably as hyperscalers tap bond markets while raising equity, creating reverse crowding-out pressure. DIRECTION ONLY
Year 20d Keith McCullough QUAD REGIME · FUNNEL BULLISH Moderate
HYG High-yield credit is signaling a Quad 1 environment, implying tighter spreads and a constructive near-term backdrop for $HYG. DIRECTION ONLY
Week 21d
JC Parets INTERMARKET · RS BULLISH Moderate
HYG High-yield credit spreads reaching new 52-week lows signal continued strength in credit markets rather than a reason to resist the move. DIRECTION ONLY
Week 25d Danielle DiMartino Booth LABOR INTERNALS BEARISH Moderate
HYG US corporate credit is showing rising stress as investment-grade buyers push back on mega deals and monthly bankruptcies approach post-COVID highs. DIRECTION ONLY
Month 32dThe Dollar
21 Views Lance Roberts MACRO · POSITIONING BULLISH Moderate
DXY The dollar has been strengthening lately, a near-term move that has weighed on precious metals and contributed to gold's weaker performance this year. DIRECTION ONLY
Week 1d David Keller TECHNICAL · FINAL BAR BULLISH Moderate
DXY The dollar has continued pushing higher, creating downside pressure on gold as the near-term risk-off session unfolds across global markets. DIRECTION ONLY
Week 1d Andreas Steno Larsen GLOBAL MACRO BEARISH Strong
DXY The USD faces a lower near-term pain trade after semi-hot CPI, even as risk assets rise once the initial market reaction settles. DIRECTION ONLY
Week 5d Jason Shapiro POSITIONING · COT BEARISH Moderate
DXY The dollar faces potential severe stress if policymakers intervene to halt the waterfall decline and markets reject that intervention, though no collapse is guaranteed. DIRECTION ONLY
Year 6d Luke Gromen FISCAL DOMINANCE BEARISH Strong
DXY The dollar may require a significant devaluation against gold to address escalating US debt and fiscal strains over the coming decade. DIRECTION ONLY
Year 6d Keith McCullough QUAD REGIME · FUNNEL BEARISH Strong
DXY US dollar purchasing power has fallen to three-month lows, increasing the cost of groceries for Americans amid deficit-funded spending. DIRECTION ONLY
Month 6d Bob Elliott MACRO ALLOCATION BEARISH Moderate
DXY Yen durability is more likely to come from fostering Japan’s nascent positive growth trajectory than from rate hikes, creating a weaker dollar backdrop. DIRECTION ONLY
Year 10d Peter Reznicek MARKET PROFILE · ES BEARISH Strong
DXY Dollar index is likely to break down after fully retracing to 99, with a lower dollar expected to support higher gold prices. LEVELS · RESISTANCE 99
Month 11d Jeffrey Snider DOLLAR LIQUIDITY BULLISH Strong
DXY Dollar demand rises and supply tightens during an oil shock, creating a damaging dollar squeeze as energy prices spike and lenders retreat from weaker economies. DIRECTION ONLY
Month 13d Peter Schiff AUSTRIAN · GOLD BEARISH Moderate
DXY The dollar faces downward pressure as de-dollarization contributes to rising Treasury yields and weakening confidence in U.S. policy. DIRECTION ONLY
Month 14d Charlie Bilello DATA · BREADTH BEARISH Strong
DXY The dollar would collapse if trillions of dollars were printed and distributed by helicopter, despite a temporary boost to nominal GDP. DIRECTION ONLY
Year 15d Jim Bianco RATES & FIXED INCOME BULLISH Strong
DXY The U.S. dollar will remain the global reserve currency until a credible alternative offers comparable rule of law, liquidity, derivatives markets, and trading depth. DIRECTION ONLY
Year 19d Danielle DiMartino Booth LABOR INTERNALS NEUTRAL Neutral
DXY The dollar is likely to hover unless Treasury buybacks become materially larger, as a bigger program would be needed for another major decline. DIRECTION ONLY
Month 19d Darius Dale REGIME NOWCAST · FUNNEL BEARISH Moderate
DXY The US Dollar Index faces a 3-to-1 downside-to-upside ratio over the immediate term as financial repression and monetary debasement drive asset markets. DIRECTION ONLY
Week 20d Jurrien Timmer LONG-HORIZON MACRO BEARISH Strong
DXY The dollar faces sustained downside as expanded Treasury buybacks and potential Fed complicity combine loose fiscal and monetary policy along a long-term trendline. DIRECTION ONLY
Year 20d Steve Hanke MONEY SUPPLY BULLISH Strong
DXY The dollar will remain at the core of the international monetary system across six global scenarios, undermining the de-dollarization narrative. DIRECTION ONLY
Year 20d Joseph Wang FED PLUMBING BEARISH Moderate
DXY Yield curve control could readily suppress long-term Treasury yields, though such Fed action would carry negative implications for the dollar and other markets. DIRECTION ONLY
Year 25d Mark Newton INSTITUTIONAL TECHNICALS BEARISH Strong
DXY The US dollar and $DXY made a technically important breakdown, with coordinated depreciation potentially supporting deficit reduction if growth remains steady. DIRECTION ONLY
Week 27d Peter Boockvar DATA REACTION BEARISH Moderate
DXY The US dollar at a three-month low could sustain its decline, importing inflation and encouraging unhedged foreign holders to sell Treasuries. DIRECTION ONLY
Week 28d David Woo RATES · FX · GEOPOLITICS BEARISH Strong
DXY The US dollar faces significant downside as a strategic defeat in Iran appears inevitable, driving a case to sell the currency aggressively. DIRECTION ONLY
Month 28d Michael Howell GLOBAL LIQUIDITY BEARISH Moderate
DXY The dollar would weaken if Treasury funding shifts further toward bills, a policy response that would also amplify front-end liquidity pressures. DIRECTION ONLY
Month 34dGold
26 Views Peter Schiff AUSTRIAN · GOLD BULLISH Strong
GLD Gold should benefit as a symbolic 25-basis-point FOMC hike arrives too late to reverse damage from prior loose monetary policy, a long-standing position rather than a fresh call. DIRECTION ONLY
Year 3h Steve Hanke MONEY SUPPLY BULLISH Moderate
GLD Gold serves as insurance, implying a long-term defensive role amid conditions that warrant protection against market and monetary risks. DIRECTION ONLY
Year 6h Lance Roberts MACRO · POSITIONING NEUTRAL Neutral
GLD Gold serves as a long-term portfolio diversifier rather than a reliable inflation hedge, while rising real yields and a stronger dollar pressure prices near term. DIRECTION ONLY
Year 1d David Keller TECHNICAL · FINAL BAR BEARISH Moderate
GLD Gold could break below the key 4,300 support range this week, completing a bearish move beneath the stated line in the sand for $GLD. LEVELS · SUPPORT 4300
Week 1d Luke Gromen FISCAL DOMINANCE BULLISH Strong
GLD Global central banks would pile into gold through China’s offshore CNY clearing banks, reinforcing a long-running acceleration in official gold buying. DIRECTION ONLY
Year 1d Jim Bianco RATES & FIXED INCOME BULLISH Moderate
GLD Gold should stay supported by deglobalization, central-bank buying, tariff pressure, and persistent concerns that monetary policy could become excessively easy. DIRECTION ONLY
Year 5d Jason Shapiro POSITIONING · COT BEARISH Moderate
GLD Gold is still trading as though higher rates are negative, with the current tone remaining lower gold until price action signals a change. DIRECTION ONLY
Week 6d Darius Dale REGIME NOWCAST · FUNNEL BULLISH Strong
GLD Gold holdings should benefit as investors capitalize on Treasury-policy hubris, potentially forcing yield-curve control and a default via debasement rather than fiscal adjustment. DIRECTION ONLY
Year 7d Brian Shannon TECHNICAL · AVWAP NEUTRAL Neutral
GLD Gold volatility is expected to diminish as price trades around volume-weighted average price anchors after pronounced reactions at those technical levels. DIRECTION ONLY
Week 11d JC Parets INTERMARKET · RS BULLISH Strong
GLD Gold’s long-term Fibonacci extensions, measured from the 1979 and 2011 peaks, indicate an upside path toward prices above $7,000. LEVELS · TARGET 7000
Year 11d David Woo RATES · FX · GEOPOLITICS BULLISH Strong
GLD Gold has upside support regardless of the outcome through a Bessent put, even as its correlation with oil weakens. DIRECTION ONLY
Month 12d Bob Elliott MACRO ALLOCATION BULLISH Moderate
GLD Gold benefits as policymakers risk allowing inflationary pressures to pervade the economy rather than delivering sufficient monetary tightening. DIRECTION ONLY
Month 12d Keith McCullough QUAD REGIME · FUNNEL BEARISH Weak
GLD Gold gains are being partially booked after a near-term advance, reflecting a tactical reduction rather than a fresh directional call. DIRECTION ONLY
Week 13d Peter Reznicek MARKET PROFILE · ES BULLISH Moderate
GLD Gold has recovered on dollar weakness as softer economic data reduced rate-hike odds, though futures have not yet broken their downtrend. DIRECTION ONLY
Week 13d Jeffrey Snider DOLLAR LIQUIDITY BULLISH Strong
GLD Diesel prices are set to remain exceptionally expensive if disrupted Middle Eastern flows, restricted Russian exports, and weak Chinese exports persist into seasonal demand. DIRECTION ONLY
Month 13d Cem Karsan DEALER GAMMA · VOL BEARISH Strong
GLD Gold is expected to decline over the near term, with long bonds and US stocks also projected to weaken materially. DIRECTION ONLY
Week 18d Danielle DiMartino Booth LABOR INTERNALS BULLISH Moderate
GLD Gold’s recent rush reflects growing concern that persistently high interest rates will continue to filter into credit conditions. DIRECTION ONLY
Month 19d Jurrien Timmer LONG-HORIZON MACRO BULLISH Strong
GLD Gold is worth at least $5,000 based on global liquidity growth and could rise further if the global money supply reaccelerates. LEVELS · TARGET 5000
Year 19d
Liz Ann Sonders US EQUITY MACRO BULLISH Moderate
GLD Gold has reached a three-month high as the debasement trade returns alongside expanded long-dated Treasury buybacks, reviving fiscal-policy and dollar-credibility concerns. DIRECTION ONLY
Month 23d Tom Lee US EQUITY STRATEGY BULLISH Moderate
GLD Gold is positive as a long-duration asset, with investor value extending beyond seven years supporting a structural constructive outlook. DIRECTION ONLY
Year 23d Brent Kochuba GAMMA · 0DTE · FUNNEL BULLISH Moderate
GLD $GLD call buying has surged over the last few weeks as gold approaches January highs reached when it broke $5,000. DIRECTION ONLY
Week 25d Mohamed El-Erian FED · POLICY ERROR BULLISH Moderate
GLD Gold has continued its rebound in morning trading, topping $4,600 per ounce amid notable market price moves across the session. LEVELS · TARGET 4600
Week 26d Joseph Wang FED PLUMBING BULLISH Moderate
GLD Gold has broken above its 200-day moving average, reinforcing a near-term bullish technical setup amid the administration's “Golden Age” messaging. DIRECTION ONLY
Week 27d Peter Boockvar DATA REACTION BULLISH Moderate
GLD Gold benefits as natural foreign buyers with balance-of-payments surpluses no longer park money on a net basis in US Treasuries. DIRECTION ONLY
Year 29d Michael Howell GLOBAL LIQUIDITY BULLISH Strong
GLD Gold should continue attracting demand as China expands liquidity to manage domestic debt, with Chinese monetary conditions increasingly setting global gold pricing. DIRECTION ONLY
Year 34d Chris Ciovacco TREND · CYCLE BULLISH Moderate
GLD Gold remains favored on a long-term basis despite its pullback, though incremental additions warrant patience until resistance near prior volume-weighted entry areas clears. DIRECTION ONLY
Month 39dSilver
7 Views Peter Brandt CLASSICAL CHARTING BEARISH Strong
SLV Silver is unlikely to reach new highs anytime soon and could face a prolonged, difficult decline through a long cold winter. DIRECTION ONLY
Year 2d Jim Bianco RATES & FIXED INCOME BULLISH Moderate
SLV Silver should stay supported by deglobalization, central-bank buying, tariff pressure, and persistent concerns that monetary policy could become excessively easy. DIRECTION ONLY
Year 5d Jason Shapiro POSITIONING · COT BEARISH Moderate
SLV Silver is still trading as though higher rates are negative, with the current tone remaining lower silver until price action signals a change. DIRECTION ONLY
Week 6d David Keller TECHNICAL · FINAL BAR BEARISH Strong
SLV Silver is falling alongside the broader precious-metals trade, down almost 4% on the day as the stronger dollar weighs on commodity prices. DIRECTION ONLY
Week 14d Keith McCullough QUAD REGIME · FUNNEL BULLISH Strong
SLV Silver has gained another 1.8% this morning and 22.3% over the last month, extending a strong upward move. DIRECTION ONLY
Month 19d Peter Schiff AUSTRIAN · GOLD BULLISH Strong
SLV Silver has been lifted by Treasury policy and will not only hold today’s gains but add to them, reflecting a long-standing position rather than a fresh call. DIRECTION ONLY
Year 28d Michael Howell GLOBAL LIQUIDITY BULLISH Strong
SLV Silver prices should strengthen alongside gold as Chinese monetary expansion renews momentum across the precious-metals complex and supports further demand. DIRECTION ONLY
Year 36dCopper
12 Views Jason Shapiro POSITIONING · COT BEARISH Moderate
CPER Copper is at an extreme crowded-long level, with producers selling aggressively and downside risk outweighing opportunities in other commodities. DIRECTION ONLY
Month 2d Peter Brandt CLASSICAL CHARTING BEARISH Strong
CPER Copper futures have flashed a six-point price/RSI non-confirmation sell signal, placing the burden of proof on bulls in the near term. DIRECTION ONLY
Week 2d Mohamed El-Erian FED · POLICY ERROR BULLISH Strong
CPER Copper has printed fresh record highs as a broad commodity rally pushes the Bloomberg Commodity Index to levels not seen in over a decade. DIRECTION ONLY
Month 7d Steve Hanke MONEY SUPPLY BULLISH Strong
CPER Copper prices are soaring as mine supply could post its first annual decline since 2017, supporting a long copper position. DIRECTION ONLY
Month 7d Jeffrey Snider DOLLAR LIQUIDITY BEARISH Moderate
CPER Copper’s recent rise is a tariff-driven supply squeeze rather than reflation, and the copper-to-gold ratio is likely to revert lower toward Chinese bond yields. DIRECTION ONLY
Month 8d Peter Schiff AUSTRIAN · GOLD BULLISH Moderate
CPER Copper content in modern nickels is worth 7.76 cents, 55% above face value, supporting a long-standing preference for hard assets over Treasuries. LEVELS · TARGET 7.76
Year 8d Keith McCullough QUAD REGIME · FUNNEL BULLISH Strong
CPER Copper is pushing toward all-time highs as the global Quad 3 commodity trade continues strengthening across energy and industrial materials markets. DIRECTION ONLY
Month 8d Jim Bianco RATES & FIXED INCOME BULLISH Strong
CPER Copper has reached a new all-time high above $14,530 a ton, up more than 68% since Liberation Day in April 2025. LEVELS · TARGET 14530
Month 8d David Keller TECHNICAL · FINAL BAR BEARISH Moderate
CPER Copper prices are moving lower amid broad commodity-chart weakness, with the stronger US dollar contributing to pressure across the metals complex. DIRECTION ONLY
Week 14d Peter Boockvar DATA REACTION BULLISH Moderate
CPER Agriculture has joined the commodity bull market, extending the advance beyond industrial metals and signaling broader upward pressure across raw materials. DIRECTION ONLY
Month 15d Darius Dale REGIME NOWCAST · FUNNEL BULLISH Moderate
CPER Industrial commodities remain bullish in the volatility-adjusted momentum and probable-range models, retaining a positive near-term price signal across the industrial complex. DIRECTION ONLY
Week 27d Michael Howell GLOBAL LIQUIDITY HIGHER Strong
CPER Commodity demand should strengthen through 2027 as global real-economy expansion continues well after the liquidity peak, favoring industrial commodities over financial assets. DIRECTION ONLY
Year 34dWTI / OIL
22 Views Steve Hanke MONEY SUPPLY BULLISH Moderate
USO Venezuelan crude demand has shifted decisively toward the United States, which has replaced China as its largest buyer. DIRECTION ONLY
Month 1h Charlie Bilello DATA · BREADTH BULLISH Moderate
USO Gasoline and diesel spending has risen about $107 billion during the Iran war versus a no-war scenario, indicating materially higher US fuel costs. DIRECTION ONLY
Month 8h David Keller TECHNICAL · FINAL BAR BULLISH Strong
USO WTI crude oil has surged above $100 a barrel and continues accelerating higher amid Middle East events, supporting strength across the energy complex. LEVELS · SUPPORT 100
Month 17h Mark Newton INSTITUTIONAL TECHNICALS BEARISH Moderate
USO Oil prices are supply-driven and expected to decline next year, reinforcing the view that current inflation pressures remain transitory. DIRECTION ONLY
Year 23h Keith McCullough QUAD REGIME · FUNNEL BULLISH Strong
USO Oil has risen another 2.5%, with Fractal Dimension signaling a return to higher highs in the near term. DIRECTION ONLY
Week 1d Jim Bianco RATES & FIXED INCOME BULLISH Strong
USO Diesel prices are rising sharply as Russian refinery outages and reduced U.S. diesel output tighten supplies available to Europe. DIRECTION ONLY
Month 2d Bob Elliott MACRO ALLOCATION BULLISH Strong
USO Dated Brent has already reached $120, with paper oil markets moving toward physical-market pricing and reinforcing near-term upside pressure. LEVELS · TARGET 120
Week 2d Mohamed El-Erian FED · POLICY ERROR BULLISH Strong
USO Oil has spiked sharply as escalating Middle East disruptions intensify pressure across global energy markets over the near term. DIRECTION ONLY
Week 4d Joseph Wang FED PLUMBING BULLISH Strong
USO Oil prices are being squeezed higher as Middle East exports decline, strategic reserves run down, and Chinese demand returns to the market. DIRECTION ONLY
Month 4d Peter Reznicek MARKET PROFILE · ES BULLISH Moderate
USO Crude oil broke above the $93.50 resistance area early in the week and remained elevated amid Middle East tensions. LEVELS · RESISTANCE 93.5
Week 4d Jeffrey Snider DOLLAR LIQUIDITY BULLISH Strong
USO WTI prices are unlikely to ease soon as tight oil markets, elevated futures spreads, distillate shortfalls, and limited inventories sustain energy pressure. LEVELS · TARGET 100
Month 4d Andreas Steno Larsen GLOBAL MACRO BEARISH Strong
USO Oil faces a lower near-term pain trade after semi-hot CPI, alongside a weaker USD and higher equities once the initial reaction settles. DIRECTION ONLY
Week 5d Jason Shapiro POSITIONING · COT BULLISH Moderate
USO Crude oil has moved higher as sidelined buyers who were burned previously avoid the trade, creating a double-bluff setup that leaves them wishing they had bought. DIRECTION ONLY
Week 6d Peter Brandt CLASSICAL CHARTING BULLISH Moderate
USO Crude oil’s rare continuation diamond pattern does not indicate that the United States is winning the crude oil war. DIRECTION ONLY
Month 6d Peter Schiff AUSTRIAN · GOLD BULLISH Strong
USO Oil has risen above $100, signaling continued upside pressure in crude prices rather than a broad decline in commodity costs. LEVELS · TARGET 100
Week 6d Brent Kochuba GAMMA · 0DTE · FUNNEL BULLISH Weak
USO Oil has returned as a key driver of equity prices after its relationship with $SPY shifted over the past ten days. DIRECTION ONLY
Week 7d Liz Ann Sonders US EQUITY MACRO BULLISH Strong
USO Diesel prices reached an all-time high last week and have risen more than 60% since the start of the year. DIRECTION ONLY
Week 8d David Woo RATES · FX · GEOPOLITICS BULLISH Strong
USO Oil could spike in September if Iran-related escalation disrupts supply amid broader Russian geopolitical escalation and market stress. DIRECTION ONLY
Month 9d Darius Dale REGIME NOWCAST · FUNNEL BULLISH Strong
USO Refined fuel products including gasoline, diesel, and jet fuel will continue trending higher as an overstimulated global economy strains reduced worldwide refining capacity. DIRECTION ONLY
Year 14d Cem Karsan DEALER GAMMA · VOL BULLISH Strong
USO Brent crude has surged above $90 per barrel after U.S. strikes on Iran, raising near-term oil-market pressure around the Strait of Hormuz. LEVELS · TARGET 90
Week 16d Michael Howell GLOBAL LIQUIDITY BULLISH Strong
USO Oil prices are likely to rise significantly as strong real-economy activity boosts commodity demand and the gold-oil ratio moves toward long-run mean reversion. DIRECTION ONLY
Month 34d Lance Roberts MACRO · POSITIONING BEARISH Moderate
USO Oil prices have recently resurged following the Iran war, creating a temporary expected increase in next month’s CPI report. DIRECTION ONLY
Month 34dNat Gas
4 Views Steve Hanke MONEY SUPPLY BULLISH Moderate
UNG US data centers are projected to consume 15 billion cubic feet of natural gas per day by 2035, making AI power demand far from free. DIRECTION ONLY
Year 20h Jason Shapiro POSITIONING · COT BULLISH Strong
UNG Natural gas reversed higher and closed up despite a bearish inventory number, with large speculators heavily short and commercials heavily long. DIRECTION ONLY
Week 6d Keith McCullough QUAD REGIME · FUNNEL BULLISH Strong
UNG Natural gas remains supported by the global Quad 3 commodity trade after rising 10.9% over one month, extending broad commodity momentum. DIRECTION ONLY
Month 8d Andreas Steno Larsen GLOBAL MACRO BULLISH Moderate
UNG European natural gas conditions look increasingly strained, pointing to further upside pressure across natural gas prices in the near term. DIRECTION ONLY
Month 14dBitcoin
18 Views Darius Dale REGIME NOWCAST · FUNNEL NEUTRAL Neutral
BTC Bitcoin should behave increasingly like normal asset classes as institutional adoption expands, producing less volatility and less explosive upside and downside. DIRECTION ONLY
Year 5h David Keller TECHNICAL · FINAL BAR BULLISH Moderate
BTC Bitcoin accelerated higher despite lower equities and gold, with the chart turning really bullish on a breakout above the May swing high near 63 to 64. LEVELS · RESISTANCE 63 · RESISTANCE 64
Week 1d Luke Gromen FISCAL DOMINANCE BULLISH Strong
BTC Bitcoin is preferable to $TLT as duration over the next three to five years because sustaining U.S. debt requires dollar devaluation and negative real rates. DIRECTION ONLY
Year 2d Jim Bianco RATES & FIXED INCOME BEARISH Moderate
BTC Bitcoin’s next rally should be driven by fundamental adoption and development rather than speculative wealth-manager allocations into $IBIT, which previously created instability. DIRECTION ONLY
Year 2d Tom Lee US EQUITY STRATEGY BEARISH Moderate
BTC Ethereum’s strengthened role in Wall Street tokenization and agentic AI has driven ETH/$BTC to a new uptrend, signaling relative downside for bitcoin. DIRECTION ONLY
Year 2d Keith McCullough QUAD REGIME · FUNNEL BULLISH Moderate
BTC Bitcoin asset allocation is acting well in the current market environment, supporting a constructive near-term view on Bitcoin. DIRECTION ONLY
Week 2d Jason Shapiro POSITIONING · COT BEARISH Moderate
BTC Bitcoin is still trading as though higher rates are negative, with the current tone remaining lower Bitcoin until price action signals a change. DIRECTION ONLY
Week 6d Mark Newton INSTITUTIONAL TECHNICALS BULLISH Strong
BTC Bitcoin is expected to rise to $85,000–$90,000 before consolidating around $70,000, with the crypto winter described as over. LEVELS · TARGET 85000 · TARGET 90000
Month 8d Brian Shannon TECHNICAL · AVWAP BEARISH Moderate
BTC Bitcoin appears headed lower toward the anchor from the beginning of its move, although a brief additional bounce could occur first. DIRECTION ONLY
Week 14d Steve Hanke MONEY SUPPLY BEARISH Strong
BTC Bitcoin is a highly speculative asset with zero fundamental value as the corporate treasury craze unravels and leading treasury companies’ combined market capitalization plunges. DIRECTION ONLY
Year 17d Jurrien Timmer LONG-HORIZON MACRO BULLISH Moderate
BTC Bitcoin has held the floor of its power-law curve and corrected long enough to satisfy the time element of a mild four-year cycle winter. DIRECTION ONLY
Year 18d Peter Brandt CLASSICAL CHARTING BULLISH Moderate
BTC Bitcoin is held long, with positions subject to exit on a day’s notice rather than representing a fixed long-term commitment. DIRECTION ONLY
Week 19d JC Parets INTERMARKET · RS BULLISH Strong
BTC Bitcoin has a longer-term roadmap toward $300,000, framing the level as a major upside objective for the cryptocurrency. LEVELS · TARGET 300000
Year 23d Peter Schiff AUSTRIAN · GOLD BEARISH Strong
BTC Bitcoin faces increasing long-term threats from AI competition for speculative capital, electricity, and data-center infrastructure, alongside potential security vulnerabilities in its software and cryptography. DIRECTION ONLY
Year 24d Mohamed El-Erian FED · POLICY ERROR BULLISH Moderate
BTC Bitcoin has continued its rebound in morning trading, crossing above $77,800 amid notable market price moves across the session. LEVELS · TARGET 77800
Week 26d Andreas Steno Larsen GLOBAL MACRO BULLISH Moderate
BTC Bitcoin could benefit from debt buybacks, framed as a near-term risk-on trade rather than a broader market thesis. DIRECTION ONLY
Week 26d Michael Howell GLOBAL LIQUIDITY BEARISH Moderate
BTC Crypto remains under pressure as global and Federal Reserve liquidity fade, while gold benefits from China-driven liquidity expansion and outperforms monetary hedges. DIRECTION ONLY
Month 34d
Julien Bittel LIQUIDITY · CYCLES BULLISH Moderate
BTC Bitcoin is an outlier pricing an unsupported liquidity peak, while still-rising global liquidity should ultimately support a recovery in the asset. DIRECTION ONLY
Month 244d