I have been trading this this like clockwork since mid 2015 and it has not let me down yet. There is significant further downside in my opinion. I believe the death spiral of the current financial system started August/September 2015 and it is now gaining momentum. I believe these charts below mark the exact point that we will look back on and say that was when it all started to unravel.
I said last week that the downtrend line in oil was my key for the direction of markets in the week ahead. We go a rejection on Monday and that was the end of the BoJ inspired rally.
I mentioned that JNK was above the 15MA and I was looking for a turn back below. That's what we got.
Oil rejected off the downtrend line
SPX daily rejected off the resistance
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