Oil bounced where we expected it to. From yesterday’s post:
CL…has found strong support at: (1) the bottom of the purple channel we suggested several days ago; and, (2) a combination of Fib levels including the white .786, the purple .382 and red .618. If [it] gets a strong bounce at 50, SPX’s downside could easily be limited to the red 1.272 at 2087.39.
In fact, oil’s bounce was so dramatic, SPX only reached 2090 before getting the boost.
USDJPY also bounced — at the red pennant top.
But, they both settled back down overnight — which is why the S&P futures are currently trading off about 5-6 points.
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