As we discussed yesterday, SPX may not be ready to make its next move. The critical USDJPY Fib of 120.11 was tested and has rebuffed (for now) any further advances.
The third didn’t, but on that occasion USDJPY merely backtested the broken pennant top, and SPX was further aided by oil’s rebound and some nifty VIX monkey-hammering that broke the rising trend.
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