Falling Into Place

The Dow finally reached its 200-day moving average yesterday, one of the targets that seemed important to the algos. Perhaps significantly, it managed the tag without AAPL and COMP reaching new highs – a nifty trick – and on the same day that ES and SPX tagged our IH&S targets from Apr 6.

We also saw a few more pieces fall into place – particularly USDJPY. It certainly opens up some downside targets as long as VIX cooperates by bouncing at 24.52.