SP Futures Hourly Chart at the Close

Alcoa kicks off earnings season after the bell.

Two formations are on the chart: one bearish and one bullish. The market will tell us which one will be dominant. We are in very light trading because of the short holiday week and trader uncertainty.

Keep an eye on the VIX which is at historically high levels on average, as a symptom of the huge fear and volatility in this market.

P.S. Yesterday when this chart was posted the Pivot label was on the chart but the line associated with it had been left off. It has now been added.



McClellan Oscillator Daily for the NYSE Cash Market

Money Supply Growth

For those of you who are not familiar with the various measures of money supply here is a relatively easy to understand reference.

Money Supply: A Primer

MZM is currently the preferred measure of broad money supply 'liquidity' growth with M2 as the longer term measure standing in place of M3 which was the best and broadest measurement.

US Dollar Very Long Term Chart - Quarterly Update

US Dollar Weekly Chart with Commitments of Traders

When the Funds turn negative on the Commitments, the Dollar rally will be over.

The Fed engaged in more emergency currency swaplines this morning as the dollar short squeeze continues in Europe.

When that short squeeze is over, unless there is a coordinated devaluation in key currencies, the dollar will probably test that 80 support and fail.