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I sat down to update the CL and GC charts tonight, but quickly realized there’s no point until the following pattern is resolved. How about it, central bankers? Are you ready to let the markets run where they will?
Because, ES’ Head & Shoulders Pattern below targets 1530 — another 17% lower. For anyone keeping track, that’s a 28% drop from last May’s highs. Today’s key level, 1837ish. A close below here would be quite bearish.
Put them together, and the relationship is unmistakable. Every time USDJPY dips to the bottom of the red channel (at the yellow arrows), ES takes a dive. In fact, the dives have been deeper with each successive dip.
SPX completed its own H&S Pattern last week [see: Are You Happy?], but hasn’t been able to rebound because it was waiting on ES to arrive at its own line in the sand.
So, come on, central bankers. We’re curious. Have you more tricks up your sleeves; or, are you finally ready to take the quotation marks off the “markets?”
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