Charts I’m Watching: May 9, 2016

SPX got a 15-pt  bounce off our next downside target on Friday.  But, it only managed to bounce back to the H&S neckline – even after the last minute ramp.

With ES currently showing a 1-pt loss, this supports the deeper backtest we discussed at length the last few days.

Arguing against it: the USDJPY, which is enjoying one of those unmotivated BoJ 1%+ pops.2016-05-09 USDJPY 60 0615continued for members


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