Charts I’m Watching: Nov 12, 2014

USDJPY reached the 2.618 Fib yesterday and has since settled back to the 1.618.  There is support at 114.20, and the upside potential remains the yellow .886 at 118.59.2014-11-12-USDJPY 60 0610ES broke a week-old rising wedge overnight, so I believe yesterday’s call for a revisit of the previous high (and SMA10) of 2019.26 remains the most likely downside case, with 1996.62 as the next major support.  As to the upside, I still have my eye on 2138 — the 1.618 extension of the drop from 1576 to 666 between 2007 and 2009.

2014-11-12-SPX 60 0610Keep an eye on NKD, which overshot our upside target just enough to make a new high last night.  It has since retraced to the .886, suggesting it will treat this strong Fib resistance as support going forward.

2014-11-12-NKD 60 0610

GLTA.

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