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I’m not really sure what it might mean for equities, but I think the US dollar is going to start really heading south. The dollar index, as shown below, peaked a number of weeks ago. Since then, it has been – – to put it kindly – – sloppy.
Thank God for “the project” (for which I’ll be soliciting beta testers this afternoon) or else I’d be going out of my mind with boredom. This is the wedge I’m watching like a hawk. C’mon, wedgie, do something! Preferably, break to the downside!
SPX tested triangle resistance yesterday and didn’t break through it. There is a possible setup here for a reversal back into triangle support in the 2055 area and that’s shown on the chart below that I posted on twitter last night. We’ll see how today goes, but if triangle resistance holds again today then we will most likely see at least a test of Tuesday’s low at 2083.24. SPX 15min chart: