Today's slide deck: https://bit.ly/2SUadjK Today we discuss the ongoing extension of divergences in the US megacap stocks versus the broader market and ponder pivotal resistance this week in the broader S&P 500. We also look at a key week ahead for US treasuries with a series of large auctions of longer term public debt and the implications for the USD, particularly USDJPY. Crude oil, metals and much more on the call. Today with Peter Garnry on equities, Ole Hansen on commodities, and John J. Hardy on FX.