Users: Censored: SPY:FXE 7-27.png

Euro/$ diverged Friday afternoon. A few days earlier we had a similar divergence only to see it balanced out again. If the relationship repeats we would see 1 -1.5%-2% down move in the SPY over the next few days. Overnight the Euro continues to retrace currently -0.5%, S&P futures down -0.44%.