SPX came very close to Friday morning’s downside target of 1996:
If USDJPY continues to slide or even (horrors!) actually declines, SPX is going down. In that event, the SMA50 or SMA100 could team up with the .886 to provide a stop at 1996.
USDJPY did continue to slide, and SPX along with it. SPX dropped 33 points to 2002.33, just missing the SMA50 at 2000.75.
USDJPY moved lower into the weekend, but it was a higher low than seen earlier in the week. And, the pair is back above the purple .886. It was enough of an improvement to help boost futures. But, USDJPY is in a triangle until we get either a breakout or breakdown.
I’d also keep an eye on the e-mini’s 50-period moving average on the 60-min chart (purple, below) — a fairly accurate short-term indicator lately.
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