Charts I’m Watching: Mar 6, 2014

The Nikkei 225 is testing its SMA50.

The USDJPY, which busted out but fell back yesterday, has busted out again — only to run into its own SMA50 at the .500 Fib.

And the fans algos go wild…

UPDATE:  1:55 PM

Bat Pattern completes on DJIA.   It makes for a good top, especially in conjunction with SPX at 1.272 for a Butterfly — if there’s such thing as a reversal anymore.  The key will be getting back below DJIA 16,300.

The big picture shows that the logical next step would be to retest 14,198 — and, soon.  But, logic seems to be in very short supply in this market.

Why the focus on the Dow?  Unlike SPX, the long-term chart is pretty straight-forward.

GLTA.

 

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