Charts I’m Watching: May 9, 2014

Nice reversal yesterday — just when it seemed SPX was impervious to downside pressure.  There’s a good chance we’ll see some follow through today.  But, even as I type this, they just ramped USDJPY/NKD and ES seems to be responding.

2014-05-09-USDJPY 15-min 0621

The key will be whether ES can remain below the SMA10 at 1872.50.  In an unrigged market, we’d push through the SMA20 and 50 (1863 & 1859) and be down 35 points today with more to come.  These days, who knows?  In any case, here’s my best downside scenario.

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