Will they, or won’t they? Even under tenacious grilling by the MSM, the Federales haven’t given much guidance as to whether they’ll hold the line in September. We have our own thoughts on the matter, which informs our analog [see: A New Analog: Aug 3, 2016.] It’s still (drumroll, please) on track. But, today marks one of those inflection points that will make it or break it.
SPX came within a few points of our next downside target yesterday, held at bay by USDJPY, which kept threatening to break out beyond this totally meaningless TL — a charting straw man if ever there was one.
And, of course, CL got in on the action — ramping just a little higher every time SPX ticked down a little. Its former falling red channel is now a distant memory. And, it’s back to playing cat and mouse with its SMA10.
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