Charts I’m Watching: Apr 28, 2014

SPX is working on the possible IH&S we talked about last week.  The purple channel is not set in stone; so, equities will have some decisions to make very soon.

2014-04-28-SPX 60 0730Likewise, though the right shoulder is low enough to be roughly symmetrical to the left (relative to the neckline), there’s a gap left open down around the white .618 (1844 on Apr 15) that suggests a more complex right shoulder could play out.

The Nikkei continues to drive the USDJPY, which continues to drive SPX/ES.  And, unfortunately, NKD is a mess since it last bounced off the neckline of a large H&S Pattern.  It will likely continue to consolidate in a narrowing triangle — which probaby means more chop.

2014-04-28-NKD 4hr 0834

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