It’s a small dose, to be sure, but this morning’s Empire Fed Survey is a reminder that not all is well in the land of ever-increasing stock prices.
It’s adding to continuing Greece concerns and an unusual trifecta of faltering algo drivers. CL is in danger of losing the rising channel bottom (finally catching up to reality?)
USDJPY, while bouncing, is still under the influence of last week’s Kuroda buzz kill [see: Did Kuroda Just Kill the Bull Market?] after reaching our 125.72 target last week.
And, EURUSD is going the wrong way for all the right reasons (for a change.)
As for SPX, last week’s downside targets remain firmly in place, with the initial plunge certain to break the SMA100 (2087.96) yet again.
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