So far the Bear Flag Pattern from this morning is still in play. As you can see here from this updated chart. SPX could bounce a little more but the overall trend should be heading towards 875-855.
Again the 20EMA has held strong. This will be the battle line next week, the SPX has broken through it but has not closed below it. It is important to notice that the market is making lower lows and lower highs.
The USD looks like it might be breaking out. It has been able to stay above 82, and a break out of 83.20 would be bullish for the dollar. A rising dollar would be a cause for the market to sell off.
