Various equity indices are bumping up against key resistance. The S&P Small-Cap Index falsely broke important support earlier in the month and was a leading indicator. As such, a marginal or failed test of 360 (June/July highs) could set the stage for the broader market to reverse once again. The DXY is probing key support at 78.678 and the S&P 500 has probed key resistance at 1150, but more importantly, both are nearing cycle expirations, which often represents a significant resistance in time.
POSITION UPDATE: LONG USD/JPY at 83.50, risking 82.70, targeting 85.15
