The SPX is now sitting on Fib fan support, this is a great spot to expect a bounce, if support does not hold, next support is down around the 1155 level, a number that keeps showing up on different charts.
Dollar update, new HOD at $79.66, it is on fire today!!!
The Dollar has made a higher high, now $79.585
BKX has made a lower low at $44.64
The Euro has made a lower low, now at $134.03
And breadth is running at 4.96:1, decliners, strong, but not extreme.
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7:26, As the Dollar is gaining strength today, the major indexes are taking a beating, the short-term squiggles are now suggesting lower lows, it is possible that we have already wrapped up the "B" wave (blue) and might move down towards 1156 for the "C" wave in a simple zig-zag, instead of the running flat option. Still on the radar is a much larger sell-off, especially now that the Dollar has broke out, BTW, the Dollar is now only one cent from making a higher high, currently at $79.57, the strange part is that Gold is also running higher, up $17.50 on the day.
5:27, It is still early on the west coast, and something is brewing besides the coffee, the Dollar is testing channel line resistance right now, this could be big, and an important event today if the Dollar does break above the channel line. This opens the door for the Dollar breaking above $79.58 and eventually challenging the next previous high of $83.63.