Big Picture: Feb 19, 2016

Time for a quick update on the big picture.  When USDJPY and CL bottomed on Feb 11, we called for and got a sharp rally.  CL responded with a 31% spike, while USDJPY rebounded 3.5%.  SPX tagged on 120 points for 6.6%.

We’re at the point now where the bounce can do one of three things: (1) backtest support, (2) push through the next line of resistance, or (3) fail and produce new lows.  The ES 60-min chart illustrates:

2016-02-19 ES 60 CU 0600continued for members


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