SPX reached our initial downside target yesterday with no difficulty, bouncing to just slightly higher than our upside target. From yesterday’s members’ section:
On an intermediate basis, this morning’s drop to the red .618 (2086.93) is probably as much as the bears can hope for…
It appears that the next leg down will have to wait. Futures were all over the map last night, presently showing a gain of 4 points after ramping as high as 9.50.
CL provided most of the boost, but has now retraced .786 of the recent losses…
…while USDJPY is arguing for a sell-off, particularly if that SMA100 is broken again.
The US dollar is monkey in the middle, with a clear retreat from yesterday’s broken channel backtest to a less-than-clear destination below.
continued for members…
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