With our latest forecast well on its way to proving its worth, I’m going to take the day to catch up on some of the secondary charts that have been woefully neglected.  Today, the focus is on oil.  Will there or will there not be an agreement to cap production?

Reuters suggested overnight that it was practically in the bag as long as Iran played ball.  This morning, we’re hearing that Iran has no interest whatsoever until their production has reached pre-sanction levels — if then.

After tagging our downside target twice in the past several weeks, oil is making a bid to break out of its latest falling channel.  Since it’s integral to our equity forecast, I’d keep a close eye on it today.

Here’s a quick roundup of the other charts I’m watching.

continued for members…

NKD, which was off to the races after the FOMC/BoJ decisions, is back down below its SMA200.  This is a very likely sign of further consolidation to come. USDJPY had broken down, but is trying to recover.

Much still rides on DX, which is in a protracted backtest.

SPX appears to have broken out of the falling white channel, but I can’t rule out more of a backtest.  The channel top is sloppy, and futures are currently off 3 points.