Has the Market Finally Topped?
The US Dollar surged to a fresh 14 year high yesterday. Overnight the rally continued as the US Dollar Index broke out of a multi-year bull flag.
After a wild election swing, the dust has settled and the market sits at the cusp of a possible break to the upside.
The stock market has been down 8 consecutive trading sessions.
What's even more surprising is how its done it.
Yesterdays price action illustrated, once again, that support matters. The $SPY support I highlighted pre-market of $211.24 held almost to a penny yesterday as the action hit $211.21 before reversing sharply.