it’s possible that the market has finally hit a short-term capitulation point. Right now follow-through is the key. We’ll be looking for an upside breakout above resistance between the 1071 and 1083 levels on the S&P 500 index and a pullback in the U.S. dollar as a confirmation and extension of Friday’s vicious move.

股市有可能已經創出短期投降式低點，目前關鍵的一點是反彈是否有後續。我們將關注標普500指數能否突破1071-1083點之間的阻力帶，並將美元的回調視為一個確認信號和上週五股市詭異反轉走勢的延伸。

stocks appear to be caught in a holding pattern ahead of Wednesday’s FOMC announcement. Right now the most important thing to look for is the November high on the U.S. dollar. Given the recent inverse correlation between the dollar and stocks, an upside breakout above that level is a negative sign going forward for stocks because, after all, the green back has been the dog wagging its stock market tail.

在週三的聯儲公告之前，股市似乎處於按兵不動的狀態。目前最重要的一點是關注美元的11月份高點。考慮到最近美元和股市之間的反向關聯，如果美元向上突破這一位置，對大盤的後市將是一個看跌信號。

based upon recent trading action, risk aversion remains the predominant theme. Fortunately, there wasn’t any major damage to the market during last week sell off. The technical backdrop remains constructive overall. With that said, as long as the S&P stays above its November low of 1029 and the U.S. dollar holds below its October-November highs, the ongoing correction is merely a pause that refreshes.