Charts I’m Watching: Feb 28, 2014

USDJPY is back below the TL, but having a very hard time letting go.

As well-defined as the yellow channel is (the white, not so much), there have been numerous slips beyond the midline over the past few years since Abe created it.

But, the immediate challenge will be surviving the backtest sure to arrive with the pre-opening ramp…

UPDATE:  10:00 AM

Looks like a slight bump in Michigan Sentiment (81.6 vs 81.5) expected is worth more than the GDP miss (2.4% vs 2.6% expected) and existing home sales miss (0.1% vs 0.8% expected.)  Preposterous.  Of course, USDJPY broke through the TL again.

And, even more preposterous, EURJPY spiked (though it tagged a tasty .886.)

At least DJIA finally tagged the .786, which it came up just short of earlier in the week.  It’s backtesting the well-formed channel — which, in the real world, should provide resistance.  But, this is a fairy-tale, make-believe world where unicorns soar through the sky farting rainbow-colored good news and bad news (Ukraine, Argentina, China, housing, GDP, retail sales, etc.) simply doesn’t exist.

The Bernanke put redux.

Ditto for ES, but at ludicrous levels.

 

 

 

 

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