I have to be out of the office this morning, but will hopefully be back before the close.  In the meantime, here’s an abbreviated look at what’s driving the “markets” this morning.

USDJPY has rallied 1.05% off its overnight lows, as the BoJ sells 10YR’s at a negative rate (0.24%) for the first time ever.

CL’s Nuff Pattern has extended its gains since early yesterday morning to 6.8%.  A Nuff Pattern, for those who don’t know, is where CL increases just ‘nuf to keep SPX on the rise.In this case, it was ‘nuf to spike ES 27 points off its after-hours lows.  Look for SPX to backtest the broken white channel midline around 1945 in its opening salvo.

continued for members…If it can push through, then our upside targets from last week come into view.  If it can’t, then we have to start worrying about the rising purple channel.  It was tested in yesterday’s close, and is hanging by a thread at this point.

GLTA.

UPDATE:  3:51 PM

Quick update on charts… this breakout gets SPX most of the way to our 1999 target, but with a potentially limiting TL connecting the last 10 days’ highs. 

CL established new highs, but hasn’t quite topped Jan 28’s high.   In other words, it hasn’t even broken out yet.  It has, however, rallied 33.4% since Feb 11.  That’s the equivalent of 660 SPX points in 2 1/2 weeks — more than it has ever moved in such a short time.

And USDJPY topped the white channel’s midline and is backtesting it now — suggesting higher prices to come.  It has rallied 1.8% since last night’s lows.  That’s a very strong move in only about 18 hours.

Both CL and USDJPY drive algos nuts.  They ignite a rally that’s hard to stop, and push SPX up through resistance that would normally be problematic.  I’ll update the current forecast, but I suspect it hasn’t really changed since the Feb 23 update.

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