Lunch Analysis

The likelihood that the overlapping mess since yesterday's low is the kickoff of a powerful wave three is getting more and more remote.  To me that means my suspicion that the market was not quite ready to move forward without a more material correction seems correct.  I had to take the shot though, because there was a good setup on the charts.

So today's action looks more like some sort of sideways "b" wave with a "c" starting that will finish out wave II south of 75.00 in the 38% to 50% Fib retracement box.  I've closed my longs in the day trading account and am reducing my size in my personal account.

Dollar Index Hourly

The smart thing to do would be to go long stocks, because a correction in the dollar will put a tailwind behind the stock market.  They just look terrible right here though and I can't find a decent setup.  The S&P's are just screwing around either side of the 50-day moving average.

S&P 500 Daily