The $USD/Yen prop is now actively being pulled.
For two weeks straight “somebody” was pinning stocks by ramping the $USD/ Yen pair. You can see the tight correlation between the two in the chart below.
This resulted in a one in 125 years event: a 10-day period in which stocks didn’t move more than 0.2%. And we’ve even had confirmation now that the last 15 days have seen the LEAST movement in stocks in history.
However, now that we’re on to their game, the rampers are giving up. The $USD/Yen pair is now breaking down in a big way.
The downside target for this move will be 2,200 on the S&P 500.
And if the rampers REALLY let go, we’re looking at a much larger drop than that.
Are you ready?
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Best Regards
Graham Summers
Chief Market Strategist
Phoenix Capital Research
via http://ift.tt/2qstny1 Phoenix Capital Research