This morning, the highly traded S&P 500 e-mini futures(ES U1) are trading lower by 3.25 points to 1284.50 per contract. By now we should all know, if the S&P 500 futures are lower it will usually mean that the U.S. Dollar Index is trading higher. That is certainly the case this morning, the U.S. Dollar Index(DX U1) is trading higher by 0.25 cents to $75.18 per contract. The inverse relationship between the major stock market indexes and the U.S. Dollar Index remains firmly intact at this time.
Looking at the XLF chart I see 15.19 as important resistance. Lets see if it can break it or not.
XLF has held twice today. I will play if there is a third time. FAS: lonf if it breaks, short if it doesn’t.