Charts I’m Watching: Mar 3, 2015

As we discussed yesterday, SPX may not be ready to make its next move.  The critical USDJPY Fib of 120.11 was tested and has rebuffed (for now) any further advances.

2015-03-03-USDJPY daily 0600Likewise, VIX tested the .886 again and (for now) couldn’t penetrate it.

2015-03-03-VIX daily 0600CL popped through the TL we discussed in the members’ section…

2015-03-03-CL 60 0615…which, with USDJPY’s temporary move higher than 120.11, was enough to boost stocks higher on the day.

2015-03-03-SPX daily 0600It’s difficult to overstate the importance of USDJPY’s actions.  Two of the previous rejections resulted in 100+ point declines for SPX.

The third didn’t, but on that occasion USDJPY merely backtested the broken pennant top, and SPX was further aided by oil’s rebound and some nifty VIX monkey-hammering that broke the rising trend.

2015-03-03-VIX daily 0735

continued for members


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