US Dollar Chart Setup Still Favors Gains, S&P 500 Probing Lower

From dailyfx.com

THE TAKEAWAY: US Dollar technical positioning continues to broadly favor gains while the S&P 500 continues to cautiously probe lower toward trend-defining support. S&P 500 – Prices continue to drift lower after putting in a bearish Harami candlestick pattern below the top of a Rising Wedge chart formation carved out since late November. Yesterday’s break of support at 1408.80, the 38.2% Fibonacci expansion level, exposes the Wedge bottom at 1390.20 and 23.6% expansion at 1383.00. A daily close below the latter level is needed to confirm a more meaningful bearish reversal. Daily Chart - ... (full story)