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A “Bearish Weekly” pattern took place last week in the Dollar(see post here)  

Line (2) contained the Dollar during an 8% decline. Keep a close eye at the short-term action of the Dollar along falling resistance line (1) to see if the Dollar keeps pace with the action along line (2). 

Any failure to break above line (1) in the dollar should be really beneficial per helping the Emerging Markets arena continue their recent relative strength over the 500 index.

How The Recent Decline In Stocks Looks "Eerily" Like Major Bear Markets Of The Past