The key remains the USDJPY, which slid overnight after retracing to the .886 but has recovered in the past hour.

It will get SPX up over the white channel midline, and might provide it the opportunity to test some of the higher resistance such as the H&S neckline (1978)– assuming it can blow through the SMA50 at 1975.

continued for members…

The most likely scenario remains the early Feb analog as long as USDJPY plays along.  But, given the uncertainty there, I wouldn’t bet the farm.  The .618 at 1983.65 remains our next upside target.