Charts I’m Watching: Jun 7, 2013

Everything’s pointed up this morning. Best to get long and not question the why’s and wherefore’s.  In retrospect, I shouldn’t have questioned the fact that SPX was completing the patently obvious pattern yesterday.

The USDJPY got a sizable bounce off the .786 overnight…

…and should have room to move.

The S&P futures are nearing the point of exhaustion after a huge ramp in the past hour.

The .786 is just ahead at 1635.21, as is the purple channel .25 line.

UPDATE:  9:32 AM

SPX just tagged its .886 from the 1598 bottom yesterday and should at least backtest the yellow midline.  Good place to short here at 1632.41…

…which is also the .382 of the entire move off the 1687 top.  Stops around 1635.

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