Morning Notes:

S&P - Price has traded below the 3/29 low and is holding the channel that defines the drop from the top. Markets don't move in a straight line and even if the larger trend is down, don't be surprised to see a sharp advance back to at least 1402/05.

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Prepared by Jamie Saettele, CMT

EURUSD - Has broken the January-March trendline support and focus is on the March low at 13003. 13150/65 resistance (noted on Twitter yesterday) held last night and 13110/30 is now resistance. The decline from the top is in 5 waves as well (implications are for a corrective advance). Watch the underside of the freshly broken trendline for resistance in the coming days.

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Prepared by Jamie Saettele, CMT

AUDUSD - Sideways trade is viewed as nothing more than consolidation and near term focus remains on the YTD low at 10145. Additional strength would target 10350 which is as high as price should go if the larger trend is down.

USDJPY - Irrespective of the technical setup, macro conditions may not be conducive to longs. Again, a correction of the February-March run is unfolding. Precise proclamations regarding pattern and levels are impossible when corrections are at their midpoint due to the multitude of potential outcomes (corrections can take many forms). As such, it is enough to say that a correction is unfolding. 8060 (March low) is a level to watch in April for support. 8245 is resistance.

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Prepared by Jamie Saettele, CMT

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