Around the World

Today’s the biggest economic data day we’ve had in a while:

Just in case that’s not enough to move the market, many global markets are nearing important potential turning points.

Japan’s Nikkei is nearing its .886 retrace of its drop from May 22 at 15,997.

The FTSE 100 is nearing an .886 at 677.84.  But, more importantly, it’s already completed a triple top (6875 in June versus 6950 in 1999 and 6754 in 2007.)

The NYSE just completed a couple of Crab Patterns and has another one just above current levels at 10,239.

SPX completes a huge Butterfly Pattern (of the 2007-2009 crash) at 1823.

Ditto for the Dow at 16,300.

Should be an interesting day…

UPDATE:  8:35 AM

Retail sales came in slightly higher than expected, but below expectations ex-cars.  CPI fell 0.1% thanks to falling gas prices — the first drop since April.  NAR releases ficticious existing home sales at 10AM ET and the FOMC market forecast minutes come out at 2PM ET.

This should be good for a little spurt in the markets.  Not sure it’s time to chase it just yet.  Charts in a few…

UPDATE:  9:00 AM

Should get a reversal here on ES at 1789.50 for a completed Bat Pattern.  The key will be remaining above the white channel top.  If not, look out 1780.

UPDATE:  9:55 AM

So far, so good.  Let’s take a look at the rest of the day.

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