Yesterday’s rally went beyond our target for SPX, topping out at 2064 before closing at 2059. From yesterday’s pre-opening post:
This morning’s surge looks likely to reach the SMA20 and/or SMA50 (in yellow) with the next major upside resistance the purple channel midline where it intersects the purple .618 and SMA10 at 2057ish.
I suspect the sell-off in the last hour has been all about legitimizing the rising purple channel within the larger white channel. But, the red channel is a factor to contend with until USDJPY breaks out — if it’s going to.
But, it came undone overnight, briefly dipping below the rising white channel bound and giving additional credence to the falling red channel. The key white .618 at 120.11 remains unscathed.
continued for members…
Sorry, this content is for members only.
Already a member? Login below…