The key to the markets is still the USD. The futures have hit 101.75 thus far this morning, which is a 55% retracement of the decline. The structure appears to be a Diagonal. Whether it is a Leading or Ending Diagonal is yet to be determined. Today it will have completed 8.6 days from its February 2 low.

It is usually in the final probe of a correction that the correlations among assets start to roll over, so we could see SPX beginning its decline while the USD .

SPX futures are down. However DJIA futures are marginally higher, due to AAPL and Goldman Sachs. There is a possibility of a higher print in the SPX this morning. However, today is a Pi date. The SPX has risen exactly 30 market days since the December 30 low. The Cyclical integer is 30.1 days, which allows for a brief probe higher in the first hour, even though the Wave structure appears complete.

ZeroHedge reports, “The global "risk on" melt-up continues.

After a modestly hawkish Yellen warned that every meeting is live, and refused to take March off the table, sending the dollar and yield higher and the S&P to fresh record highs, world stocks rose hitting a 21-month high on Wednesday with the dollar rising for the 11th straight day, the longest positive streak since July 2015.

Yellen's comments renewed expectations in some quarters for the Fed to raise rates three times in 2017 rather than twice. The futures market did not share this view amid doubts about the U.S. economy's ability to sustain three hikes.”

VIX futures are rising. There is no breakout, yet.

TNX appears to be nearing completion of its correction. It may still probe to the Cycle Top at 25.40 before a reversal lower.

Regards,

Tony

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