The futures are off 8.25 just before the opening. The earlier sell-off reached 2062.25, but bounced off yesterday’s broken TL and channel bottom.
Don’t be surprised if we get an intra-day bounce to the white .382 at 48.63 if this morning’s equity weakness accelerates at all.And, EURUSD’s rising purple channel is a distant memory as the pair fell through and backtested the falling red channel midline.
USDJPY, having enabled SPX to break trend yesterday, ran out of steam at the .618 as expected. It should hang around current levels — at least until after the month/quarter end today. Our analog remains in force. For complete details and the forecast through July 2015, see yesterday’s wrap up: New Analog: Part II. For more on analogs in general, CLICK HERE.
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