SPX shot up to our initial upside target yesterday, reaching 2112.66 before turning around and tagging the second of our downside targets. While it made for a strong performance (we called a short at 2112.60, rode it back down to 2098 where we played the bounce), it did little to reassure traders. From yesterday’s members section:
That caveat includes a potential consolidating move just short of the Jul 31 peak at 2114.24 that would mirror yesterday’s stick save just shy of the previous low.
The algos are firmly in control at this point, so there is little to do except watch the signals from CL and USDJPY. The most telling move this past week has been CL — which needs to continue melting down if USDJPY is to score big gains.
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