Stayin’ Alive

The past two weeks has been a delicate balancing act between a declining USDJPY and rising CL.  Several times, TPTB have had the opportunity to break stocks out of the falling white channel from last November, but have passed — choosing instead to merely keep SPX in a relatively tight trading range.

Just yesterday, CL came within 0.45 of its SMA200.  Instead of dashing across the goal line, it punted — only to face an even closer call this morning.  And, like yesterday, USDJPY is rallying in the preopening hour, but without really making any serious headway. 2016-04-12 USDJPY 60 0615Will this be the fourth day of no follow-through, or are stocks actually ready to backtest a little?

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