Several fundamental analysts have suggested that lower USD prices are in the cards. That argument can certainly be backed up with the technical evidence on the Daily chart. The counter trend rally from the April 21^st low at 97.92 reached its terminus at 102 on May 12^th. This led me to draw a longer-term Standard Pitchfork (gold P1 through P3). The Upper Parallel (solid gold line) of that Pitchfork continued to cap any move higher and that was the genesis of shorter-term Schiff Modified Pitchfork (violet P1 through P3). On Tuesday the Lower Parallel (solid violet line) was violated, giving credence to my technical thesis that the counter trend rally had reached a short-term top. That was further confirmed when prices fell below support at both the Kijun Plot (solid green line) and the Lower Warning Line (violet dashed line) of the Schiff Modified Pitchfork today. The shorter-term Stochastic Momentum Index rolled over through its signal line and it is accelerating lower. MACD failed to enter positive territory and is turning lower. If prices fall below the violet P3 low at the 99.15 level, the 97.95 level in the USD Index will likely be challenged.

For readers who are unfamiliar with the technical terms or tools referred to in the comments on the technical condition of the SPX can avail themselves of a brief tutorial titled, Tools of Technical Analysis and an in-depth comprehensive lesson on Pitchforks is available on my website…

www.themarketscompass.com

Charts are courtesy of Optuma

To receive a 30-day trial of Optuma charting software go to…

www.optuma.com/TMC

New Zelle restrictions roll out at JPMorgan Chase, Wells Fargo rejects a customer’s $60,000 plea for assistance, and a Bank of America customer battles an erroneous report of his demise.

JPMorgan Chase Rolls Out Zelle Restrictions

JPMorgan Chase has officially launched new payment restrictions designed to stop fraud on the peer-to-peer payments platform Zelle.

The bank says moving forward, it may at its discretion block any payment that appears to stem from social media contacts, online marketplaces and social media messaging apps, noting Zelle is designed for payments between friends, family and trusted associates.

Chase also says payments on Zelle are not covered by the firm’s purchase protection policy.

Wells Fargo Refuses To Reimburse $60,000 Theft

Banking giant Wells Fargo is reportedly refusing to cover the losses of a charitable organization that fell victim to a bank impostor scam.

The Struggle of Love Foundation, a Colorado nonprofit, lost $60,000 to a scammer posing as a Wells Fargo employee after its executive director received a fraudulent message about unauthorized account activity and was tricked into transferring funds to a new account.

According to CBS News, the group realized the deception after the money was gone and the scammer ceased communication, triggering failed attempts to recover the funds through the bank and the police.

Wells Fargo says it’s denying the claim because the organization actively participated in the transaction.

Bank of America Customer Battles Fatal Error

A Bank of America customer says he’s still dealing with the fallout after the government abruptly declared his demise.

Eighty-two year-old Ned Johnson has been mistakenly declared dead by Social Security, causing his benefits to be halted and leaving him entangled in a bureaucratic mess for over two months, reports ABC News.

Ned says BofA sent a condolence letter to his wife in February and began deducting Social Security benefits from his checking account as requested by the SSA.

“My advice would be, watch your bank account and be prepared to – if you get tagged with one of these issues – it’s going to take some time.

And you just have to be patient and persistent if you expect to get anywhere.”

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