Just a quick post this morning. Yesterday, ES nailed our downside target from Monday, meaning SPX slightly overshot its at 2144.01 vs 2147.65.
The drum I’ve been beating this week still resonates this morning. CL topped its Aug 19 highs. This suggests a break out, though it’s still early in the day.
continued for members…
I see nothing to change my thinking about a triangle continuing for SPX — suggesting 2170-2173 in the next day or so. The exact price level depends on when. My best guess is 2172 by late Friday.
But, there are many questions that remain. DB appears to be breaking out again. 
As does USDJPY…
If CL can maintain its breakout status, or at least look like it’s going to, then USDJPY can backtest the red channel. This should give SPX enough impetus to reach 2161 today. If CL and USDJPY falter, then the triangle should break down and SPX will target 2135ish.
Still on the road, but will hopefully be able to post more around mid-session. GLTA.
Comments
One response to “Charts I’m Watching: Oct 5, 2016”
PW, I have a question when you get a chance in the evening. Since this week, there is talk of rate hike. And the dividend (utilities, cigarettes) stocks are tanking like a rate hike is coming soon.
Did I miss the sign of a near term rate hike? Thanks!