One reader asked me yesterday why I was enthusiastic about the SPY gaining some velocity on the downside and reaching SPY $102 before the end of next week... Here is a basket of currencies ETF's that I usually watch in order to see how things can evolve for the S&P 500 . By looking at them recently I figured that FXE (Euro/USD ETF) ,FXC (Canadian Dollar ETF) and FXA (Australian Dollar ETF) are starting to break their respective supports. This event in my view will precipitate the fall in the S&P 500. To sum it up, Dollar strength will add more fuel to the fire next week !
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