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The Yen, the USD, and SPX...You have been and will be reading about the plunge in the Yen vs. the USD. YEN is trading near its 1986 levels versus the USD, and today took out its July 2024 prior significant low .Who Cares?We might have to care because the last time this happened-- in July 2024, the Bank of Japan and the Fed intervened to buy YEN against the Dollar (in other words, they sold USDs to buy YEN), which triggered a series of dominoes that negatively impacted the SPX to the tune of an 11% correction in the latter.
Week in ReviewVolume was quite decent for a shortened week,.and the SPX closed approximately 130 points higher. The preceding week lost approximately 150 points. In other words, we haven't moved much in two weeks. In fact, one can argue that SPX has been trending sideways since the week of May 11th. Despite the major equity indexes being out of sync for some time, this high-level, sideways pattern can also be seen on the Nasdaq, albeit with greater volatility.
Today the market continued its grind higher on what remains sloppy action as we approach the upper end of the resistance zone, still keeping the potential wave 2 alive. If we continue to push higher and break resistance, it will make it more likely that we are following the yellow count over the 7646 level before seeing even a local top.Overall, there really is not much change to the counts as they have been laid out over the past several days.
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