Oil spiked again today, increasing concerns of continued high inflation weighing on future economic growth.

Contracts on the four leading US indices were red to start the trading week, led by futures on the Russell 2000 while contracts on the S&P 500 Index gave up the least ground. The dip suggests traders may be taking a breather after the underlying benchmarks registered their sharpest weekly upticks last week, since November 2020.

The STOXX 600 Index opened higher but then slipped after Germany’s PPI jumped to a record 25.9%, which was not as bad as the estimated 26.2%. The rise in the “factory gate” cost—a product’s price before transport or delivery charges apply—a key indicator of consumer prices, was the largest since 1949.

The pan-European index’s rally stalled, having reached the neckline of an H&S top, during which time the 50 DMA crossed below the 200 DMA, triggering a Death Cross.

The FTSE 100 rallied on the back of a strong performance by BP (LON:BP) and Shell (LON:RDSa) which each benefited from the ongoing rally in oil prices due to the conflict in Ukraine.

In a mirror image of European stocks, the leading UK index respected its uptrend line since the 2020 bottom. Its moving averages also performed a Golden Cross on the weekly chart.

Yields on the 10-Year Treasury note extended their rally as investors continued unloading Treasuries in favor of future long-dated bonds with higher payouts.

The price completed a weekly H&S bottom, and yields crossed over the 200 WMA.

The dollar gave up gains and fluctuated around Friday’s closing price.

The greenback is finding support by the neckline of an H&S bottom.

Gold opened lower.

The yellow metal is testing a Morning Star after a return move toward a giant symmetrical triangle.

Bitcoin edged lower.

The cryptocurrency traded within a symmetrical triangle after an H&S top.

As peace talks between Ukraine and Russia stall, oil rallied and is fluctuating around $107 a barrel.

The price is threatening to blow out a small H&S top.