S&P 500 unsurprisingly did not follow through on yesterday’s China hype-fueled rally. Lateral support is shown along with two targets if support breaks. The targets are plotted by 3 charts we use in NFTRH, a daily, a weekly and a monthly all agreeing that one or both of these points is doable if SPX loses support. 1900 by the way, would not cancel the bull market.
Currency hedged Europe was a good play as it went to and through initial targets. Now it is extended and probably needs a rest, but is near recovery highs and consolidating. Europe could work off its collective over bought by consolidating rather than dropping. We’ll see soon enough.
Currency hedged Japan is amazingly similar as it was another pro-USD ‘exports’ play we noted in Q4 2014.
FXI has broken out, and China easing hype or not it is bullish because as we review by weekly charts each week in NFTRH, it’s a long-term breakout (not blue sky however, so easy there bull boy).
INDY double topped and took a drop to the MA 200, where it has previously found support. I mis-played this one recently but remain interested longer-term.
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