The Dollar moves dominate the trades. As the European ECB buys sovereign bonds, that new cash moves to safety. That “safety” is the dollar and dollar denominated assets which are reflective of the US economic improvements relative to the other global economies.  It is important to understand that these QE purchases don’t add new money to the economy, not here in the US and not in the Eurozone. They simply purchase otherwise ill-liquid government assets for cash (reserves), in a “swap”.  The net result is to manage interest rates.  But this new cash will seek safety; perhaps the “safety” described above.

Copper and gold are trending up which may mean a repostioning of money to prepare for economic resurgence. Treasury Bonds are up reflecting the delay in the FED raising rates. The Dollar is down and the Euro is up for both reasons.

S&P 500_

Monthly – adjusted upside target is now 2189. Trade pressures are up. Volume is bullish.

Weekly – Upside target is 2254. The 2040 short entry was tested but not triggered. 2040 remains as a confirmation of the daily move down. Trade pressures are up. Volume has turned back to bullish from bearish.

Daily – The trade thru 2067 triggered the long entry for the resumption of the January cycle long trade.  The next target is 2137.  Trade pressures are up. Volume is bullish.

A close below the 2060 short entry would signal lower again.