Today seemed like a sideways consolodation day. We chopped around in a 5-6 point range on the SPX today. No impulsive waves to the downside. Internals were not very strong. Everything is pointing to more upside.
On the shorter time frame wave count, we may be in a complex Minute wave [iv]. I am going to stick with the Nasdaq chart I posted yesterday, it seems to have more clear patterns.
We may come down to finish the (e) wave somewhere around 2366. This will be roughly 1153-1155 on the SPX. After that, we may continue to go up, to maybe 1200 on the SPX.
Apple also hit my target of 230 today. But we could go a little higher.
It is possible that we have may topped, but Apple still seems strong. Breaking over today's high of 230.20 will be bullish, and a break below 220 will be bearish.
As you know, I have been bullish on the US Dollar for a long time. In my video over the weekend, I was expecting new highs on the Dollar. Well, today was a huge up day for the US Dollar. We broke over some very heavy resistance around 82.
We basically have very little resistance in our way now. The next target is somewhere around 83.35.
As a result, the Euro has been weakening. The EUR/USD is at a 10 month low I believe.
The Euro may continue to weaken because of the problems with Greece, and the downgrading of Portugal. A weaker Euro and a stronger Dollar should actually be bad for our markets, but we really haven't seen our markets react to a stronger Dollar. Perhaps a long term uptrending US Dollar will eventually bring our markets down.
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