If you’re looking for a scapegoat for this morning’s slide, look no further than USDJPY. After reaching initial channel support on the 24th [see: Jan 24 Update on USDJPY] it slid down for a near tag of the .886 retracement at 108.16.
Instead of a nice, big bounce back above the channel bottom, however, it appears to be coming back for more. 
ES, which finally saw its rising white channel break down yesterday, is not amused. It has now re-entered the rising red channel from which it broke out on Jan 22.
Almost all of our currency pairs, commodities and indices have landed right where we expected. But, they have yet to take the next step.
After months of almost immediate, V-shaped recoveries, traders might be forgiven for wondering “where’s the bounce?”
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