The first thing that jumps out at me this morning is that on a weekly chart of the S&P, the 200 period moving average is sitting at 1196. Could the market hit this spot? You bet. Could it fail just before it hits it? Of course. But I'm sensing that this is the target for now. I still think we're near the end of an a a-b-c-d-e triangle from 10/14 (***Note: I'm using a 60min chart of the ES for this which includes the overnight session. I rarely use this, but it provides the clearest picture.) An upthrust could take us there quickly. Be prepared.
I'm also noting the strong reversal thus far in the dollar, which could be The Turn. Let's see how it reacts when it retraces. Chances are, a lot of people will as well.
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