Charts I’m Watching: Jun 25, 2015

Yesterday’s melt-down was a good start on the Bat Pattern reversal, reaching the white .618 on its way to the cluster of moving averages we discussed yesterday and coming within 3 points of our downside target issued in Monday’s member section [see: Strange Brew]:

Whether or not the rumor is true or the interview even occurred or the finance minister was telling the truth…who knows?  All I know is that the .886 was tagged and our bias is to the downside from here at 2128.  First downside target is 2105.34.

2015-06-25-SPX daily 0600This morning, we have blow out data on personal expenditures which has initiated a sharp rally off of absolutely no technical support.  While the data’s benefit to the economy is dubious (are higher gas prices really going to aid in a recovery, or will we all spend less somewhere else?) the 14-pt spike in the eminis since yesterday’s cash close is a quandary.

Screen Shot 2015-06-25 at 6.42.13 AMFortunately, there are other technical indicators which provide some important clues.

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