In terms of my approach, I think $SPX is currently meeting resistance at the SMA 50 on the weekly. Thereafter, there is a gap to be filled on the daily chart,

which will be filled if $SPX is able to rise to approximately 2044:

$SPX W  $SPX D

Changing tack, the target I have for the H&S pattern Rambus identified for USDU is approximately 26.20 so that target has almost been reached:

USDU D

Turning to oil, the inverse H&S target I had for USO, which I’m using as a proxy for $WTIC, has been hit:

USO 1H  USO D

That being said, as of now it looks as though it wants to go higher still and USDU/$USD will be a headwind behind it if they continue to

fall.

$VIX is on it’s ass:

$VIX D  $VIX W

Turning to SVXY, price has now risen above the neckline on the small H&S pattern and looks to me as though it wants to test the SMA 100

on the daily chart, (~$47), which would also mean price spikes above the EMA 20 on the weekly chart. There is also a large gap on SVXY’s

daily chart, which would be filled if price were to rise to ~ $50.50:

SVXY D  SVXY D2  SVXY D3  SVXY W

Coming full circle, $SPX has resistance at ~2044 then ~2060, which is the download sloping trendline on $SPX’s weekly chart. The question then is, do you

go short at $SPX 2044 or hope it rises to 2060? As of now, given that tomorrow is a quad witching OpEx I think I’ll take a short position tomorrow, or at least

begin taking a short position. My own personal trading style is never to take a position on a Friday unless you have to, which is why I’m a little reluctant. Having

said that, IMO the charts are now saying this rally is near over.