Right now the short and medium term market direction rests upon Honest Abe.
Japanese Prime Minister Shinzo Abe's attempt to reflate the Japanese economy has done wonders for stock markets around the globe. It has also devalued the Japanese yen to levels not seen in many years.
Since November 2012 when Abenomics began, the S&P 500 has maintained above the "Abenmoics trendline". Recent market weakness has seen this trendline come under pressure, and currently it is being tested again.
I think a break below this trendline could signal a shift in overall market trends.
It is worth keeping a close eye on it.
