Charts I’m Watching: May 7, 2015

SPX reached our second downside target from Apr 30 yesterday [see: While Investors Are Away], tagging the SMA100 on the dot before rebound as expected.2015-05-07 SPX 60 0600It was aided by USDJPY (which has slightly overshot its own SMA100 before rebounding two sessions in a row, now)…

2015-05-07 USDJPY daily 0600…and, EURUSD, which shot past the large scale .618 to complete a Crab Pattern overnight at the white 1.618.2015-05-07 EURUSD 60 0600Both are slipping this morning, but there’s a third lever that should drive stocks’ next move.

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