Charts I’m Watching: Apr 16, 2015

The big news yesterday was CL tagging our upside target during the session.  It was enough to prop up SPX, but not break through the former high.

2015-04-16 CL v DX 60 0620CL spiked even higher overnight to keep the futures in check, but is now backtesting the red 1.618 with an eye toward moving lower.

The daily chart shows the bounce off the mid-March lows.

2015-04-16 CL v DX daily 0620It has been necessary in order to offset the weakness that would otherwise be inflicted by a sputtering USDJPY — which closed below its SMA for the second time yesterday.2015-04-16 USDJPY v ES daily 0620

UPDATE: EOD

USDJPY loitered around the channel bottom all day, managing to close below the SMA100 (119.23) yet again.

2015-04-16 USDJPY v ES 60 1300 The only thing that kept SPX from tanking was — yep, you guessed it — another ramp job in CL.

2015-04-16 CL v DX 60 1300

So, if you notice it takes a few more bucks to fill up the Family Truckster this weekend, at least you can take solace in the fact that you helped the S&P 500’s losses remain tiny at only 1.64 pts.

CL is now 30.4% higher in the past month, 14.6% in the past week alone — all in the face of daily news blurbs heralding huge excesses in production and storage supply.  Gotta love an unrigged market…

GLTA.

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