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The SPYs are just above key resistance. BUT
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Last week they traded in a very tight range just above resistance; upward momentum dropped. In addition,
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The Russell 2000 is just above key resistance, and
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The DIAs (the Dow) is just under key resistance.
In addition, consider this chart of the overall dollar index:
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The index has formed a head and shoulders pattern for most of the year. Now that prices have fallen through resistance,
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We're seeing a big drop in the dollar. Prices are clearly in a downtrend (a) and have printed several gaps down over the last month (b). As such, expect commodities to have an upward bias.