Of the three major economic regions, the US, the Eurozone, and China (Asia); China and the Eurozone have had nice market moves over these last two weeks.  The dollar had risen which gave those export economies a perceived pricing advantage. Declining oil prices gave all energy users a cost benefit.

The rising dollar was the result of currency flows to the US, probably a result of the ECB decision to engage in a form of QE.  The Euro currency declined in value making the European equity market attractive. (see the FEZ) which caused some of the funds to flow back to the Euro.

S&P 500_

Monthly – Trade pressures are up. Volume is bullish. The next target up is 2189.

Weekly – Trade Pressures are up. Volume is bearish. Upside targets are 2255. A short would be confirmed with a weekly close below 2040.

Daily – The trade is short from 2062. The next target down is 1986. The action is sideways with no momentum. Trade pressures are up. Volume is bullish. So tight stops are in order.

Stops are at the old 2110 highs.