a friend suggests tracking the dollar as a means of watching the flow of funds. the metals amd minerals are tied to this flow, and depending on their sector exposures so is the S&P 500 Index.

Longer term trends are down but we are in a weekly retracement uptrend from 77. we have met the 79.75 target, next target is 82.50. i do see divergence forming here and trade pressures are extended up.
77.49 is the entry for a new down leg.

Daily –
the upmove has stopped at the final target. all indicators are extended. the down cycle ended last week. a trade thru 79.40 starts a down move. and with the new cycle starting up, the first target at 77.40 is the most likely. a trade thru the recent high will start a new up leg.