The SP500 continues to trade in a very narrow range for the second week in a row ahead of the release of key economic data on Friday preceding the December Fed meeting:
Meanwhile, market breadth is getting oversold:
The fastest moves usually occur the last few days before market breadth turns.
Monday, November 23, 2015
Friday, November 20, 2015
The USD is in an upswing against the JPY but got rejected twice at the 90 degrees up price target calculated from the Oct 15th low. Currently, the USD has found support right on the 30 degree up angle drawn from the same low. A continuation of the trend should lead to another retest of 123.5. Any break below the support angle opens the door for a retest of the Nov 16th low: