SPX: very like the wave C is over prematurely. There is no clear sign on the SPX daily chart (left). On the hourly chart, it seems SPX could have one more rally. However on the intraday chart of index futures it looks obvious, and the wave might need to be recounted. Note what I said yesterday: Keep an eye on 870, if SPX breaks down with heavy volume, chase the UltralShort.
ES: see why I was bearish in the afternoon...On the 5-min chart, 885 was tested several times and bulls really defended it well. Today the volume was quite light until -- check the 1-min chart A -- ES broke 885 and the volume bar hiked. Note that during 2 minutes the two volume bars were huge as well, this indicates that short covering failed to push the price higher, in turn it means investors who held long positions were trying to get out and there was not really any bottom-fishers. Now check out the hourly chart, the second support was broken without any struggling. Now the only significant support below the current level is around 817. Note that this analysis was done around the lunch time not in the evening.
Here is the MHP analysis based on up/down channels.
USD/JPY: new low, very bearish.
SKF: the signal on the chart turned out to be accurate. I definitely closed the long position too early although it was a wrong order. However according to DT rule, breakout at 120 was a good buy.
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