SPX tagged our second downside target on Wednesday, and promptly reversed to tag our bounce target on Thursday.This would have been a logical spot to digest some of those gains — maybe a .618 or .786 retracement. But, CL had already reached our downside target the day before.
And, though USDJPY is reversing when we expected it to, it slipped up past 120.11 in the meantime — which was enough in combination with the jobs report and CL to ignite those wonderful momentum algos in ES (currently up 18 points.)
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