Charts I’m Watching: April 8, 2015

Yesterday, CL and USDJPY had already edged above technical resistance in the pre-market…

2015-04-08 USDJPY daily 0550 2015-04-08 CL v DX 60 0550…when Fed president Kocherlakota added fuel to the fire by floating the idea of QE4. It was deft timing, as SPX needed help getting past bearishly aligned moving averages.

It nearly came undone a few hours later, however, when atrocious consumer credit numbers hit the tape.

2015-04-08 SPX 15 0620Only a trading halt prevented a truly ugly close and a slip back below the moving averages.  Funny how often that happens, and so rarely when stocks are rallying sharply…

Screen Shot 2015-04-08 at 6.31.40 AMThis morning, USDJPY remains above the falling red channel, CL remains above the white .786 Fib and SPX remains above its 10, 20 and 50-day moving averages.  So, no harm done — yet.

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