Charts I’m Watching: Feb 20, 2015

Oil bounced where we expected it to.  From yesterday’s post:

CL…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.  If [it] gets a strong bounce at 50, SPX’s downside could easily be limited to the red 1.272 at 2087.39.

In fact, oil’s bounce was so dramatic, SPX only reached 2090 before getting the boost.

2015-02-20 CL 60 0620 USDJPY also bounced — at the red pennant top.

2015-02-20 USDJPY 60 0620But, they both settled back down overnight — which is why the S&P futures are currently trading off about 5-6 points.

2015-02-20 SPX 30 0620continued for members…


Sorry, this content is for members only.

Click here to get access.


Already a member? Login below

Remember me (for 2 weeks)

Forgot Password