In the latest 30-pt ramp job, ES ran out of juice at a backtest of its 10-day moving average – not exactly a bullish move. This would leave SPX with a backtest of its own, suggestive of the additional downside Friday’s session left on the table.
It also suggests a nice little Head & Shoulders pattern that could finally get a correction rolling. Should we be concerned about the breakdown in the dollar and breakout in gold? Or is the yen’s breakdown the more serious threat to stocks?
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