SPX had little trouble reaching our downside target yesterday. As we noted before the open:
Today, we see a capitulation of the USDJPY ramp job that dragged stocks out of their post-Brexit malaise. It should be enough to allow SPX to finally backtest some of its moving averages, the closest being the SMA20 at 2082.
SPX tagged 2080.86 before the usual CL and USDJPY ramps prompted an 11-pt rebound into the close.But, the ramp jobs didn’t last. And, in fact, their continued weakness suggests much lower lows to come.
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