Analog Watch: Apr 17, 2015

It’s now been three days since USDJPY closed above its 100-day moving average, and the strain is starting to show.

2015-04-17-USDJPY SMAs daily 0615

The S&P 500 futures were off 20 points overnight, which was finally enough to send USDJPY scurrying higher in plunge protection mode.

2015-04-17-USDJPY v ES 15 0615CL gapped higher, of course (now 37% off the Mar lows) but it hasn’t been enough to stem the overnight losses.2015-04-17-CL v DX daily 0615

SPX’s first test will be the TL from December.  If that doesn’t hold, things could get pretty interesting.

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