The market opened to the upside but quickly faded and fell into late afternoon after a lackluster Fed meeting (ie, no hints at further stimulus). Disappointing earnings from Best Buy (BBY) also weighed in.
First a look at retail ETF XRT. Analysis is below. Barry Ritholtz today noted retail sales were not nearly as strong as originally expected, and StockCharts.com posted a fantastic in depth piece breaking down all the technicals surrounding the sector. Bottom line, watch out for further weakness from retail stocks.
Retail aside, Bespoke highlighted the US dollar today with a chart showing a breakout. Interesting though as the $USD index on stockcharts.com does not show the same breakout as Bespoke's. If anyone has any insight on why our charts look different please let me know.
And last but not least an updated look at the S&P 500. Stay frosty (sharp) out there!
Regarding your $USD chart and your question why it is different from Bespoke's, you are using yesterday's "end of day" (EOD) chart instead of the December 13 chart for today.
You've got a day old $USD chart there. It already broke out above the handle. Fearsomely too. I guess it goes to 85 then?
Ah, thank you for pointing that out! I guess some of the indices take longer to update on stockcharts.com than others. Will remember to use intra-day data next time.
RE target, roughly 85 would be the new technical target price based on the pattern. With this market anything goes however so who knows...
Bonddad blog pointed out that not only did UUP (the etf) break out, but it did so on fearsome volume. Scary.
Volume on the UUP was 26% over the daily average yesterday. I wouldn't say fearsome but it was strong for sure