Crude oil looks close to bottoming while USDJPY is nearing a peak

$SPX has now declined 7 of the last 9 weeks, and while a larger rebound does lie ahead, the near-term remains tricky and volatile.   Looking at Friday’s action, the sudden about-face doesn’t completely negate the positives of Thursday’s sharp rebound, but it’s vital that SPX hold above 3577 into next week. Below that level argues for a full retest and partial break of this week’s lows, which should take SPX down to 3450-3475 before a rebound bac...

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