USO is sitting on a level of support (38.5) will it break lower? I'll just observe that even with a lower dollar, oil hasn't really been doing that well lately... Is oil telling us something?
SPY is sitting at a rather major level of resistance of 111... will it break higher? Trading on Tuesday is rather uninspiring, and the market is starting to look tired...
the dollar UUP seems to be carving out a base... will it break lower? or will the dollar bulls be able to push the dollar up from above it's base?
and will throw XLF into the picture, since the SPY often depends on the performance of the financials, and right now it seems like the XLF is just coming off the upper descending trendline on the very short term...
so what will happen on Wednesday? while I'm leaning towards a decline for the market because it looks tired, I must say that at this point, anything can happen... and people already have some expectations as to what will happen... you can be certain that if people's expectations of what the market will do is wrong, then the market will typically reverse in a violent way...
so I figure the first 1/2 hour of Wednesday's trading will probably tell us where the market is going for the day... keep in mind that volume will likely be light because of Thanksgiving coming up... judging by what's happening at 5:30am EST, my guess is that we gap up in the market... just observe whether this gap fades or not...
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