SPX managed to hold the key 2138 level yesterday, going into meltup mode following release of the Fed minutes and closing just above it at 2139.18 — but, just below the SMA100, thus triggering a short position.
Hawkish minutes will almost certainly result in lower prices, with downside targets of 2126.06, 2116.61 and 2102.56…any sustained drop through the SMA100 at 2138.57 should be shorted.
But, that was before USDJPY broke down, CL dipped overnight (to tag our 49.50 target) and DB continued selling off after reaching our 13.98 target [see: Deutsche Bank: Will it Survive?]
Even USDJPY is falling after a failed breakout that finally saw it tag a key midline. There’s no doubt 2138 will be severely tested again today. Will yesterday’s initial downside target of 2126.06 hold or will we see new lows?
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