Wednesday 02_17

Another mostly choppy low volume day. The SPY did present a tradeable pattern in the early session after a false breakout (2B Top). One can either be aggressive, and fade the breakout (as everyone was expecting heavy resistance at this 1100 $INX level), or wait for the move to take shape and enter on a pullback and target the previous day's highs (PDH) or the Previous day's Close (PDC).
ADV/DECL issues and UP/DOWN Volume leaned neutral to bullish throughout the day, perking up towards the close.
Curiously, the SPY and UUP traded similarly throughout the day.......which sets the stage for a breakout of one or the other. Should equities break out a test of overhead levels will make or break this recent corrective move.
The SPY has $110.50 overheadIWM could get pretty dramatic if it makes a play for $63.25The Q's have a 61.8% retracement at the $45 level
and the DIA actually broke above it's 50% level and found support on previous resistance ($103)
Which all seems pretty bullish, until you look at the Daily charts and start seeing these gap-up, narrow range dojis and ascending wedges. While the Dollar sits in the upper range of a tight sideways consolidation after strength to the upsideeither one (index or dollar) could have a blow-off moment. Equities could fall from here with a breakout of the dollar and perhaps hesitate at the lows should the dollar come back to test Resistance-2-Support ($24 on UUP).