The SP 500 is pushing up against the resistance associated with the long term trend of the rally. It will likely take several attempts to try and push through it.
Notice how cleanly the rally in tech has sliced higher to upwards resistance. A failure at resistance would confirm a 'normal' stock trend, leaving the rally intact but correcting the excess.
If there is going to be a breakout it will likely lead the way, and the entire pattern of the last six months or so can be considered a consolidation in what is likely to become an inflationary financial asset bubble.
The dollar is holding its primary trendline despite the recent sideways chop. This could be consolidation as there is more room to the upside of .83. However, this would seem to require a breakdown in stocks if normal patterns are to continue. If stocks break up and out in what is likely to be a financial asset bubble, then the dollar will be sacrificd to the incipient monetary inflation, even before it appears in the money supply figures.
