Charts I’m Watching: Mar 24, 2015

Note:  RUT and COMP charts were updated last night.  Check them out.

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Since reaching  our Mar 17 upside target and generating a sell signal last Friday, SPX had gone virtually nowhere  — until the last few minutes of yesterday’s session, when it suddenly gave up 8 points or so.2015-0324-SPX 60 0600It was a tug of war all day, with rising oil and EURUSD providing cover for a falling USDJPY.2015-0324-USDJPY 60 0618There are three troubling developments for bulls this morning.  As the chart above shows, USDJPY’s rising white channel has broken down — at least for the moment.  And, CL has reached the top of the falling white channel.

2015-0324-CL daily 0622Last, DX is bouncing at our downside target.

2015-0324-DX 60 0622The implications of all the above are bearish, and we should see some follow-through in SPX today.

2015-0324-SPX daily SMAs CU 0600There are several potential targets. continued for members


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