Not to sound like a broken record, but it’s all about oil and the USDJPY this morning.
CL broke down overnight, but has found strong support at: (1) the bottom of the purple channel we suggested several days ago; and, (2) a combination of Fib levels including the white .786, the purple .382 and red .618.While, USDJPY has broken up through the pennant’s upper bound yet again — blunting the effects of oil’s slump.
SPX still hasn’t broken out of the red channel.
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