The Dollar and SPX have had an inverse relationship lately so if you can determine where the Dollar is heading it can help determine where turning points in the general markets could be.
Note the positive divergence of UUP as it failed to make new lows when the SPX made new highs.
$USD in a giant weekly wedge.
Upward channel intact, could pull back a little more to $81.20 level and then it should resume it's uptrend. At this point there is no reason to think the uptrend is in any danger. Therefore the general markets could have more upside left before they get some sort of correction.
About the only scenario I can envision where we break through the lower trendline is if the markets go into parabolic mode.
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