Charts I’m Watching: Jul 24, 2013

The eminis are up 5 pts overnight, but so far have produced only a completed Bat Pattern rather than a new high.

The dollar is possibly breaking out of its falling wedge — though it’s too early to say for sure.

The EURUSD has formed an interesting looking rising wedge and is coming up on a Gartley at the white .786 (not to mention a channel intersection.)

And, USDJPY continues to stave off multiple H&S Patterns

…with the bounce on its latest neckline Monday setting up a fractal of the Jul 5-18 Gartley Pattern.

H&S Patterns aren’t always that reliable in currency trading, but it’s interesting that the target of the latest pattern (in the right shoulder of a much larger pattern) is the yellow channel midline back around 96 — which would spell the end of the rising white channel and complete the much larger pattern that targets the white 1.618 at 85.66.

Indications are that SPX should reach its own .886 (1697.91) on the open.  But, no signs of follow through just yet.

I’ll hold short unless we get a push through 1700.

UPDATE:  9:32 AM

SPX just tagged its own .886, so should be done here at 1698.38.

Bears now need a drop below 1691 to officially break the rising pink channel (and purple midline.)

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