The new high attained by The SP 500 this morning correlates well with a “lower high” area on the Japanese Nikkei right here around the 15,100 level, as well with the U.S Dollar “again” testing the 80.20 level in $DXY.
As we all watch our own specific indicators / indices to get a better read on “where things are at” in a general sense, it’s my thinking that these things line up quite nicely, suggesting we’ve come into a solid area of resistance/support.
Should the U.S Dollar “finally” make a decent move upward, as well the Nikkei put in a “swing high” here (and create a “lower high”) we’d likely see this move retraced, as well perhaps – find some clarity in the medium term direction.
A move lower in Nikkei would suggest “risk off” as well a higher Yen/JPY and likely ( although these days…you never know for sure ) even a higher U.S Dollar so I’m far more interested in activity “over seas” this evening then I am in today’s “usual wash / rinse / repeat”.
Keep your eyes on Nikkei.
…hey that rhymes.