SPX just tagged our 1931.95 target. We should see a reversal here. As always, keep an eye on USDJPY, which should rejoin the rising purple channel shortly. Where it goes from there will, of course, determine SPX’s course after the reversal. I imagine we’ll see a lot of chop, given the FOMC minutes coming out later today.
As to USDJPY, the .786 Fib at 107.50 remains an attractive target for any selloff. Note it’s also the purple 1.618 and red 1.272.
I’m enjoying an irritating bout of sciatica this morning, so I’ll sign off for now and go find a bottle of muscle relaxers. No changes to yesterday’s analysis. A bounce here might or might not last. GLTA.