2pm update - Mr Dollar keeping the pressure on

Whilst the indexes are still trying to hold minor gains, the USD is comfortably up 0.6% in the 80.20s, this is a significant move, and will keep downward pressure on the equity/commodity markets, possibly all the way into early next week.


sp'60min

vix'60min

Summary

Bears should still be seeking a close <1400, with VIX 17+.

It remains a chop-fest, and clearly, a break >1415 would open up the low 1420s again. However, the latter seems unlikely, considering the daily and weekly charts.

Unquestionably, the primary short-stop line is sp'1423, the Monday spike.
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I don't have an intra-day $ chart, but here is the Euro..which - as usual, will suffice..

A clear break, first target is 1.28, and then 1.2650

UPDATE 2.30pm  Consider the daily transports..

I think a very reasonable pre-FOMC (next Wednesday) target is 4900.

All things considered, its looking increasingly less likely we can break the recent key sp'1343 low this side of Christmas. A large B' wave - should still get down to around 1375 though, by early Tuesday. We're only talking about a barely 3% move, and thats easily viable across a few days.