Charts I’m Watching: Jun 9, 2015

Yesterday, SPX tagged our next downside target [added on May 29] and even put in the overshoot we discussed.

From Friday’s post Bad Good News:

Assuming (as we do) that USDJPY runs out of steam at 125.72 and CL bounces back at 57.09 or so and TNX tops out at 24.38, SPX should have little trouble tagging our next downside target at 2082ish, with an overshoot a distinct possibility.

2015-06-09 SPX 60 0615USDJPY is clinging to the rising TL from May 27, but is showing signs of weakness after reaching our upside target last Friday.

2015-06-09 USDJPY 60 0615This puts the onus on CL, which is…ahem…rising to the challenge.

2015-06-09 CL 60 0615As long as CL and USDJPY mind their manners, I see no reason to change yesterday’s forecast.

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