More of the Same?

Despite an initial 10-pt surge, SPX came within 0.48 of our next downside target on Thursday — despite attempts by USDJPY, VIX and CL to prop it up.

Now, even with the futures up several points, it appears the downside might not be done.  After tagging the SMA200, USDJPY has dropped below it to our next lower target. And, CL has ignored an easy opportunity to break out.

Could we be in for a replay of last Thursday, with our next downside target in play?

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