Another Higher Low for S&P500 Index???

Could buoyancy in US Dollar lift Stock Market's Sentiments? This was my question on yesterday's article and seemingly it is. Nikkei was inspired by the weaker Yen and Wall Street had its' technical bounce (as I noted yesterday).


S&P500 INDEX:
Another Higher Low???





The market could form another higher low (refer to weekly cross markets date 4/14/08) but further confirmation is warranted. If the market tonight trade on higher high and higher low and finish strong then the market should be ready to re-test its' major support turned resistance trend line again in the coming weeks.

VIX Index dropped significantly and formed a bearish engulfing candlestick pattern, could this indicate S&P500 index ready to trend higher as these two index move inversely?





CRB INDEX:
Can it Take-out Recent Peak???


The commodity index attempts to take-out its' recent peak on the back of higher light crude oil and coal prices, failure to take-out its' recent peak will create a feeble high which is technically bearish.





US DOLLAR INDEX
Alternate Higher Low and Lower Low


The currency market was dribbled around by the US Dollar, last April 10 we have lower low (refer to USD Index chart) followed by a higher low then we have another lower low followed by another higher low; we have alternate lower low and higher low, what does this mean?





The alternate lower low and higher low for the past days indicate market's indecision, this is because in spite of general bearishness in the US Dollar, other major currencies index are somewhat exhausted as well after years of appreciations:


1.) Eurodollar Index hovering below its' 50days moving averages.

2.) Japanese Index re-testing recent troughs.