If It’s Tuesday…

It’s Tuesday and it’s the end of the month — with averages needing a bit of a boost to report monthly gains.  Oh, and the Fed is kicking in a couple billion just because.

The Nikkei futures look to be aiming for the white .618 (14,525) at the SMA20 (14,531) — also the top of the falling channels.

2014-04-28-NKD 15 min 0613After yesterday’s reality check, USDJPY has been guided back above the red channel bottom and is backtesting the white channel midline and red IH&S neckline.  103 looks like a safe bet.  Note that the 10, 20 and 50 day SMAs are all down around the red channel bottom (102.4 – 102.46), so a backtest would be completely within reason.

2014-04-28-USDJPY 15 min 0613SPX is still positioned to complete an IH&S, though as we noted yesterday there is stillthe gap down at 1844 to close.  And, just a reminder, the original conventional H&S is still in play — at least until the head is topped at 1897.

2014-04-28-SPX 60 min 0620The only issue is SPX has heavy resistance at 1880.98… meaning it might have to wait until the after-hours to get over the hump.


Comments are closed.