Charts I’m Watching: Apr 22, 2013

Very sloppy pattern in ES…

2014-04-22-ES 15 0615…especially when seen from a distance and compared to USDJPY (thin purple line.)

2014-04-22-ES 60 0620It’s trying to ramp up through the purple midline, but Japan isn’t helping much.  The Nikkei tumbled overnight after tagging the purple .618, but found support in the rising white channel.

2014-04-22-NKD 60 0620And, USDJPY is being constrained by two falling channels and the rising white channel top, not to mention the .500 Fib.

2014-04-22-USDJPY 60 0620This would be an opportune time for the bulls to engineer a 35-pt dip in SPX to set up an IH&S.  But, that would require allowing stocks to actually decline (and, a little imagination — not a strong suit for the bots.) The .786 is up at 1879.45.

2014-04-22-SPX 60 0635UPDATE:  12:35 PM

More melt-up nonsense.  ES and SPX barely paused at their .786s, pressing ahead on no volume.   Seem to be targeting the top of the acceleration channels, but the .886s are coming into view at 1882.33 and 1887.74.

DJIA should tag its .886 any minute thanks to the preposterous channel below (not even the pretense of reality.)  Will it even matter?  NKD is aiming for 14540 and USDJPY for 102.64 (initially, 102.68-70 if it breaks through.)

2014-04-22 DJI 30 0945


Charts I’m Watching: Apr 22, 2013 — 2 Comments

  1. As USDJPY has been moving in tandem with SPX, the complex H&S on USDJPY 4hr chart has my eye at the moment…