Lots to cover this morning, as SPX slightly overshot our latest downside target on Friday. Recall that we added the 2838 target on Aug 19 [see: Fine Tuning our Analog] when it became apparent that SPX’s downturn would be delayed.As it turned out, 2838 was a better downside target than the 2857 target originally forecast by the analog.
Thanks to a timely bounce by USDJPY at our 104.74 target last night [see: Update on USDJPY]… …and Trump’s predictable make-it-up-as-we-go trade announcement this morning, SPX will open about 20 points to the good this morning — still on track with our analog which has been roughly 98% accurate since inception.
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