Last week was a rather clear display of how easily the “markets” can be nudged higher these days.  With OPEX over, look for things to at least appear more normal.

With the dollar recovering a bit this morning……CL is selling off…while USDJPY bounces…

…the euro finally sells off… …rates are backtesting…

…and GC is reversing at its SMA200.In short, we’re very close to a significant top.  Our initial SPX targets remain the same.

continued for members…

The top objective is for the red .886 at 2074.31, but a modest shot at a sharp drop to 2033 in order to help clear the decks for a USDJPY ramp based on an expansion of easing by BOJ.  Note the SMA200 is up to 115.11 — only .73 from January’s lows.

Obviously, if SPX drops through its SMA200 things could get very dicey.

The timing per our analog appears to be anywhere from May 20-22.