Charts I’m Watching: May 8, 2015

SPX tagged our second downside target on Wednesday, and promptly reversed to tag our bounce target on Thursday.2015-05-08 SPX 60 0615This would have been a logical spot to digest some of those gains — maybe a .618 or .786 retracement.  But, CL had already reached our downside target the day before.

2015-05-08 CL 60 0615And, though USDJPY is reversing when we expected it to, it slipped up past 120.11 in the meantime — which was enough in combination with the jobs report and CL to ignite those wonderful momentum algos in ES (currently up 18 points.)

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