Data as-of 2026-07-10 close (QUAL is one session behind, dated 2026-07-09 — flagged below). Numbers read directly from macro-commodities — no prose math. Prior scan: 2026-07-07-macro-commodities (2026-07-07).

The dollar-rollover story from the prior scan has reversed. UUP re-firmed to RSI 61.6 (up from 58.9, now just 0.6% off its 52-week high) and nearly everything that had caught a bid on dollar weakness is fading again: gold (RSI 45.4→42.9), silver (RSI 41.7→38.9), and the miners (GDX/SIL both back into collapse regime). This is the one week where a fresh Iran/Hormuz-strait escalation was on the tape, and gold and silver still went down, not up — the metals are not pricing this as a safe-haven event; the stronger dollar is the more direct read. Crude, by contrast, is the one place the tape does line up with a supply-risk story: USO RSI climbed from 30.5 to 40.1 and its 30-day drawdown narrowed from -22.8% to -15.6%, even as natural gas (UNG) fell the other way, down -9.1% on the week. Housing and international equities, last scan's strength story, both cooled off their highs.

USO is the one name in this whole scan whose tape reads consistently with the Iran/Hormuz escalation: RSI up 10 points, drawdown narrowing meaningfully, still oversold and still golden-cross. UNG moved the opposite direction (-9.1% 7D, now in a confirmed downtrend) — natural gas has no Middle-East supply-route exposure the way crude does, so this divergence within "energy" is a useful tell that the oil move is event-specific, not a broad commodity re-rate.

This is the notable reversal of the scan. The prior scan's headline — gold and silver catching a bid as the dollar rolled over — has fully unwound: all four names lost 3-10 points of RSI this week and both miner ETFs are back in collapse regime. Worth saying plainly for readers tracking the Hormuz story: precious metals are not confirming a crisis premium right now. The stronger dollar is doing more to move this group than the geopolitical headline.

Copper (COPX) is the one laggard here, cooling further with 30D drawdown deepening to -7.7%. The grain complex is the strongest pocket in the whole scan: wheat's RSI jumped from 52.5 to 61.2 this week, and DBA/SOYB are both sitting within a few points of their 52-week highs. CORN is a flagged oddity to read carefully — 7D/30D are both positive but the underlying trend tag is still strong-down with a confirmed death-cross, i.e. this reads as a bounce inside a longer downtrend, not a reversal yet.

No change from the prior scan's read — still stuck in a collapse regime with no floor signal.

The dollar is the pivot again — RSI up another 3 points to 61.6 and now within striking distance of a 52-week high. This is the single variable driving the reversal in gold/silver/international this week.

Both names kept cooling from the prior scan's near-overbought reading — 30D gains have collapsed from +7.9%/+9.6% to essentially flat (+0.9%/+0.2%). This looks like digestion turning into a real pullback, not just a pause.

Europe and Japan both cooled from the prior scan's strong-up breakouts (VGK RSI 61.6→53.2, EWJ 60.2→55.9). Brazil (EWZ) is the standout — RSI 51.3→59.7 with the week's best 7D print in the group. China's recovery (FXI) is still intact and even accelerated on the week (+3.5% 7D) even though the 30D figure is still negative, continuing the biggest single reversal flagged in the prior scan.

Growth (VUG, RSI 57.2) and value (VTV, RSI 61.7) narrowed further from last scan's split, which was already closing. This continues to look like broad-based cooling from stretched levels rather than a hard style rotation.

This tape doesn't fit a clean inflationary/deflationary/stagflationary label. Oil is up on what reads like a supply-risk premium (consistent with the Hormuz-strait escalation this week), and the grain complex is accelerating — both inflation-flavored inputs. But the classic inflation-hedge trade, gold, is doing the opposite: it's down on the week as the dollar re-firms. Growth-sensitive pockets — housing, most of international equities — are cooling from extended levels rather than breaking down outright. Read together, this looks like a dollar-driven mixed tape, not a regime call: a genuine energy-specific supply premium sitting on top of broad, unrelated cooling in rate- and dollar-sensitive assets.

• UUP re-firming (RSI 58.9→61.6, near its 52-week high) is the connective thread — it's what's dragging gold, silver, and most international names back down, mirroring last scan's dollar-rollover story in reverse.
• Oil and gold moved in opposite directions this week despite the same geopolitical headline — worth tracking whether gold ever confirms a haven bid, or whether this stays an energy-only story.
• FXI and EWZ are the two names still accelerating against the broader cooling trend — both worth a fresh look given the divergence from the rest of the international book.