USDJPY bounced at the red midline as we discussed yesterday…

…leaving CL in limbo, but with room to settle back……and SPX’s upside targets posted in yesterday’s members section intact.  It appears we’re going to reach the first one in the opening push.

UPDATE:  9:35 AM

SPX just tagged our 2112 target.  Updated forecast in a moment.

continued for members…

We should get a pullback here, with a backtest of the SMA50 at 2101.75 being the most likely outcome.

Since this chart has become unwieldy with all the different possible scenarios shown, here are a couple of much cleaner alternatives.  First, with existing channels and moving averages only.

In this next one, I’ve left only the SMAs and the most bullish channel — which shows a midline tag here at 2113.60 or so — supporting our call for a pullback.

And, last, two Fib only charts: the big picture……and a close up — which now reflects SPX pushing through the channel midline.

Piece it back together, and it looks like this, with a pullback here at 2115 to the SMA50 at 2102 or, secondarily, the purple channel .236 line where it intersects the gray channel midline at 2093ish.  If it doesn’t happen today or tomorrow, then Jun 26 at 2089 becomes the more likely secondary target.

2050 is still out there as a potential downside target — along with other, even lower ones.  But, the panic that set in over the possibility of a lower low this week shows how desperate TPTB are to maintain the series of higher lows (5 in a row since Feb 2, which was quickly and violently erased with a 140-pt rally on USDJPY and CL alone.)

BTW, the placement of the large white channel is as bullish as can be made.   There’s another path shown below in purple that allows for our 2050 target and actually fits some of the 2013-2014 lows a bit better.

Just saw a news blurb on WSJ.com that the IMF “has halted bailout talks with Greece after a failure to make progress in negotiations.”  Guess Bloomberg’s “one person” who spilled the beans on the talks’ successful outcome was a little off base.