USDJPY, after reacquiring the purple TL and thus providing the stick save SPX needed yesterday afternoon, stumbled again overnight.
It just goes to show how essential a falling yen (rising USDJPY) is to higher stock prices. Futures were off as much as 6.25 a few hours ago, but are — for now — safely above their version of the rising red TL.
Unlike SPX, yesterday’s bounce came close enough to call it a tag on the .618. So, we can legitimately call the overnight weakness a corrective wave. The only hitch now is whether or not USDJPY will play along.
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