SPX reversed where we expected. From yesterday’s member section:
Look for SPX to run into a brick wall at 2106.95 or so. From there, it should be downhill.
The culprit, as anticipated when this analog first became apparent: USDJPY. [see: A New Analog Mar 27.]CL, however, continues to mitigate USDJPY’s effects. Remember, the yen can weaken only as long as CL remains under control.
Our price targets for SPX remain in place, with the most likely timing either today or tomorrow.
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