If this morning’s setup looks vaguely familiar, it’s because it’s practically a carbon copy of yesterday’s. Futures up big on USDJPY’s threat to retake 120.11, bond futures getting hammered, oil bouncing overnight…overnight ramp jobs are what TPTB do best.
Before we dive into today’s forecast, consider some long-term channel lines on SPX. The central question we’ve been facing ever since calling a potential top on May 21 is whether TPTB can overcome the 1.618 Fib at 2138: the terminus of the last big Butterfly Pattern.
The above chart shows many similar challenges along the way, though few have equaled the current one in terms of the potential repercussions should they fail.
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