Resistance… to Declines

Yesterday, CL and USDJPY ran into significant resistance.  But, of course, they weren’t permitted to decline until after the market had closed for the day.  So, we’re left with yet another gap down overnight.

CL is finally backtesting the rising channel it broke out of yesterday.

2016-06-09 CL 60 0620And, USDJPY very nearly nailed our downside target overnight.

2016-06-09 USDJPY 5 0630Our downside target for SPX remains unchanged — but, again, we had to hold short overnight to enjoy it.

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