Charts I'm Watching: Oct 5, 2015

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Today marks the 30th session in a row where USDJPY’s Pennant Pattern will dictate the movements of the stock “market.” USDJPY has not only bounced back into the Pennant, but has climbed back above the all-important 120.11 Fib level. Futures are loving it, with ES currently up 13.25 with 15 minutes to go before the cash open. But, as usual, there is a limit to the amount of fun one can have on the upside. In other words, there’s a reason ES has stopped right where it has.