A New Leading Indicator

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SPX reached our second downside target yesterday after the rising channel from Tuesday broke down at 1960.  It was clearly headed for 2138 when DB intervened.

This is not a gimme, and is complicated by the fact the we have lots of potential support between here and there: e.g. the white .786 and .886 at 2148.20 and 2145.09.

It got a reversal and 15-pt bounce on Deutsche Bank’s recovery back above 11.45, confirming DB’s role as a new leading indicator for stock prices.2016-09-30-db-5-0620

Futures fell another 8 points after the close, only to recover 16 points as DB, CL and USDJPY all bounced after hours.  What real live investors took away, overnight, low-volume ramp jobs have once again restored.  Is this a great “market” or what?

USDJPY, for example, dropped to our red TL, but not until after the close (and rallying 80 pips into the Japan open.)2016-09-30-usdjpy-5-0600

This morning, ES is up 5 points, leaving SPX in limbo.

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