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Yesterday was clearly a good day to introduce my new Jack in the Box continuation/flag pattern. The double bottom broke down slightly and has then reversed back into a full test of 2299.40. The full ATH retest at 2300.99 is VERY close and should be tested today if we are going to see that full retest. SPX 60min chart:
Want to see something interesting? Here’s the chart of the USD/JPY forex cross-rate (black chart) married with gold (blue chart). The correlation seems about as close to -1 as you can get. As my Slope Plus subscribers know, I’ve got a hodgepodge of gold-oriented shorts, so it appears that USD/JPY is key to watch.
I notice that Whole Foods is dropping after hours. This actually lines up with an analog I’ve been following for years now. My belief is that the market is oh-so-subtly beginning to ape its behavior before the financial crisis, with Whole Foods being just the latest example. I suspect much lower prices are in — umm – – “store”.
Apparently selling stuff for 300% what you could pay it for at Ikea isn’t a great business model………not that I didn’t mention it before when the price was three times higher.
