Yesterday, SPX ran all the way down to tag our lowest target, producing some great numbers (3%+) on the day. But, the close presented a challenge that I finally addressed with the following:
FWIW, USDJPY appears likely to tag the bottom of its triangle tomorrow or overnight. Would not be at all surprised if it does so overnight in order to allow NKD to reach 17092, followed by a bounce before tomorrow’s opening that traps today’s overeager bears.
It’s exactly what happened last night. As we noted in the Update on the Nikkei 225 late last night, NKD tagged the next lower target that we’ve been tracking for the past several weeks.
This was accomplished by USDJPY tagging the bottom of its triangle yet again.
And, now we’re facing a small gap up that has bears who held short overnight a little nervous. Should they be?
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