Another Line in the Sand

SPX nailed our next downside target yesterday, but the fun isn’t over.  The eminis still have something to prove — its own H&S neckline — meaning SPX has a little further to go.  From last Friday’s To H&S or Not to H&S:2016-05-13 SPX 5 1108It will require some fancy footwork by CL, which popped up past its .618 Fib yesterday as though oil-related news had been positive.  But, note the slide back below the white TL, and the lack, thus far, of a proper backtest.  Remember, we have an EIA report out at 10:30 EDT.

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