Weekend Update - SPX, US Dollar, Crude Oil and AAPL

Another down week for the SPX. 4 in a row now. The downside momentum seems to be picking up once again in the markets. This week was also pretty volatile, especially on Friday.

We hit a new low from this new downtrend on Friday, at the key pivot of 1044. On Friday, I posted a chart on how significant this level is. A break back below this level will be extremely bearish. We also broke some other support this week. All of this broken support should now serve as resistance, and I expect a backtest of it.

My first target is in the 1080 area. This area has been a good level of support for a while. We may get up to it on either Monday or Tuesday.

On a shorter time frame, the wave count also calls for a quick bounce back up to the upper channel line.

The US Dollar is contuing to run up higher. After looking at the chart of UUP again, here is an updated count. It is slightly different from the one I posted on Friday.

Basically, we should get a small little pullback, then we rip higher.

With the US Dollar showing strength, Crude Oil will naturally be weaker. Here is a chart of USO, the ETF for Crude Oil.

Pretty bearish chart. The bear flag channel seems to be breaking. If it breaks, Crude Oil will fall.

Also, here is an updated count on Apple. We may continue to move lower on it.

180 is the rough target for now.

Watching 1080 on the SPX will be important. If we break this, we may go a little higher, to perhaps 1090 then 1100. If we break back above 1100 this week, we may have to re-draw the bearish counts. But I expect these resistance levels to hold.