Note: RUT and COMP charts were updated last night. Check them out.
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Since reaching our Mar 17 upside target and generating a sell signal last Friday, SPX had gone virtually nowhere — until the last few minutes of yesterday’s session, when it suddenly gave up 8 points or so.
It was a tug of war all day, with rising oil and EURUSD providing cover for a falling USDJPY.
There are three troubling developments for bulls this morning. As the chart above shows, USDJPY’s rising white channel has broken down — at least for the moment. And, CL has reached the top of the falling white channel.
Last, DX is bouncing at our downside target.
The implications of all the above are bearish, and we should see some follow-through in SPX today.
There are several potential targets. continued for members…
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