You know the market is in trouble when USDJPY ramps in the hours before the open and futures tumble into the red anyways.If you’re wondering why the BoJ picked this particular moment for USDJPY to break out, look no further than the NKD. After guiding NKD higher for over 10 years, it doesn’t seem likely they’ll just roll over at this point.This on the heels of a pretty wild ride, yesterday. SPX spiked up to slightly above our upside target and then got whacked, plunging 103 points from its highs before bouncing into the close.
In the process, SPX formed the right shoulder we were expecting — which opens the door to a much bigger drop than was originally the case.The algo backdrop is negative this morning, with VIX still above its key trend line and RB and CL dropping toward our next downside targets. Stocks could be in for another rough day. What if this is the day?
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