Analog Watch: May 12, 2015

Note: We’ll continue yesterday’s update to our analog after this morning’s wrap-up below.

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The big story chart-wise is the 10-yr — which reached our 23.2 target (23.35 intraday.)  As we discussed last week, the normally inverse relationship between TNX and SPX has been magically turned on its head since mid-April.  Will it revert as TNX starts dropping off?

2015-05-12-TNX daily 0600The US dollar continues its lackluster backtest of the broken purple channel.2015-05-12-DX daily 0600And, CL continues to move sideways, flirting with a breakdown of the rising channel after completing a Crab Pattern last week.2015-05-12-CL daily 0600All in all, it wasn’t a productive environment for SPX, which finished the day fleshing out the falling white channel we proposed two weeks ago.  Our downside target from last week remains intact.

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