Dollar Corrects Lower, S&P 500 Chart Setup Warns of Downturn

THE TAKEAWAY: The US Dollar corrected lower but overall positioning continues to favor the upside. S&P 500 technical positioning hints a turn lower may be ahead.
US DOLLAR TECHNICAL ANALYSIS – Prices advanced as expected after completing a bullish Flag chart pattern. A correction lower from resistance at 10899, the 38.2% Fibonacci expansion, sees initial support at 10820, the 23.6% level. A drop below this boundary eyes Flag top resistance-turned-support at 10704. Alternatively, a break above 10899 targets the 50% Fib at 10963.
http://mrtopstep.com/2013/08/dollar-corrects-lower-sp-500-chart-setup-warns-of-downturn/

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