Charts I’m Watching: Feb 4, 2015

CL rallied hard yesterday…

2015-02-04 CL 60 0600 …providing a relief rally for SPX… 2015-02-04 SPX daily 0600…that was only belatedly aided by USDJPY.2015-02-04 USDJPY v ES 0600Our original call was for SPX to move higher if USDJPY pushed through the purple channel:

At this rate, [SPX’s] SMA10 looks to be tested on the opening.  If USDJPY can break out of the purple channel, there should be additional upside.

USDJPY broke out only briefly before falling back (the white arrows.)  But, equities kept soaring to keep up with oil.  The last two hours of the session were boosted beyond our 2036 sell signal when USDJPY rejoined the party.

2015-02-04 USDJPY 60 0600SPX gave lip service to the SMA50 with an 8-pt drop, then blew through the .786 before closing just shy of the .886 at 2055.

Daily forecast coming up.

continued 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