Traditional TA said it might pop up today. But volume has been declining for the last 5 days and a rising wedge formed today on the 5 minute chart.
At least in the last few days the market has decoupled from the dollar some what.
Vix looked like it bounced off the green support line. I cannot see it falling too much more from here. If it hits the teens, then its time to take out a mortgage on your house and short the market. That past weeks have been gap up, surge, churn for a few days, gap down churn for a few days then we start the cycle over. This last move up has involved 2 separate gap ups and we have not been able to make a new high.Lots of economic news tomorrow, but the FOMC meeting starts, so there is probably going to be anything until Wednesday 2:15 and on top of that its Quadruple witching week.
Still holding short...
11:25pm edit:
This is on the SPX simply because my SPY chart is covered in lines at this level. Anyway it looks like a break down of the bearish ascending wedge and a retest of the lower trendline. The BB's show contraction so a strong move is coming. Again this chart would lead me to believe there is a strong down trend coming, but we are approaching Christmas fast...traditionally this is a choppy rally as the market is thinly traded...
