The US dollar has come to life in February, yet it hasn't broken out. 80.87 remains an obstacle. This keeps options open for equity markets to rally.
However, the bounce off yesterdays lows lacks an impulsive look, and I remain open to the possibility that yesterday was merely wave A of an A-B-C correction, with the B-wave possibly having concluded at 1523.14, just before the close. This would suggest a rather sharp decline below 1514, possibly to 1508-1510.
Futures action overnight leaves this option open, as does the action in Europe thus far which is mixed. Of course, this scenario could be completely wrong, in which case a new high should be seen either today or over the next few trading days. There is still a Fib extension target at 1531, and two more from 1540-1542.74.
It's options expiration, too. Volatility can happen.
Enjoy the long weekend. NYSE, NASDAQ, CME & CBOT are closed Monday (Globex trading halts at 10:30am CT)