USDJPY got the usual overnight ramp…
…which produced a somewhat muted response in ES (so far.)
We’ll know soon enough whether or not equities are due for a new high. But, remember, every major index that I follow has reached an important Fib level (Bat, Butterfly, Crab Patterns) retracement of their 2007 highs. And, many have reached an important Fib level retracement off their late Dec highs — as well as an important trend line off their 2011 and/or 2012 highs.
Lots of choices in terms of downside Fib levels — both within the rising purple channel and beyond.
Given that today is OPEX, we might not see any movement until Sunday/Monday. Coming up, my favorites.
Quick aside, is Meg Whitman’s head really that large?
Maybe a psychosomatic reaction to repeating the mantra that the PC business is going just great…
source: macrumors.com
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