The chart of the day:
continued for members…USDJPY has tagged two important resistance levels in the 1.618 and the .886. As it goes, so should go ES — though a lag is very common.
Could ES have already gone over the falls? I see immediate potential to 1790ish. If it does fall to that level, a big bounce will be required to get things back on track.
SPX has lost the rising white channel.
And, ES has lost its — labeled in purple below.
UPDATE: 4:00 PM
Not a good day for the bulls. SPX closed below the neckline of a H&S Pattern that targets 1792ish — the white .618. More later.
