Below is a 4-hour chart of the EUR/USD. It has failed to hold above 1.35 on its recent attempts. It's a major resistance level that will need to be re-captured and held...continuing weakness in the Euro may signal a decline coming in the U.S. equities markets.
Below is a 4-hour chart of the Commodities ETF, DBC. It has failed to hold above major resistance at 27.80...also an important level that will have to be re-captured and held if the equities markets are to continue advancing.
Below is a 4-hour chart of AUD/USD. A drop and hold below a major support level of 1.02 could also signal weakness for equities.
Below is a 4 -hour chart of the VIX. A rise above 30.50 could bring in large, volatile down drafts in the S&P 500.
If weakness persists in commodities and the Euro & Aussie $, I'd say the markets are looking toppy here and may be due for a pullback...or even a violent drop. At the moment, declining volumes are not confirming a further advance in equities, as the U.S. $ firms.
Also, how the markets react to this article regarding Standard & Poor's threat today to downgrade the credit rating of 15 Eurozone countries (including Germany and France) is something I'll keep in the back of my mind: http://finance.yahoo.com/news/p-puts-15-eurozone-countries-214652756.html;_ylt=Aix2m3y_uP9yg7uEq_0GZXn2uYdG;_ylu=X3oDMTQ3MW5rZHNzBG1pdANUb3AgU3RvcnkgTGlzdCAgTm8gQ29sbGVjdGlvbgRwa2cDMjgxMzUwNjktOWM4MC0zYzAwLThlODMtYTRiODc5NDEyNTBkBHBvcwMzBHNlYwN0b3Bfc3RvcnkEdmVyA2U2Yjc1NTkwLTFmOGQtMTFlMS1iN2RlLTdiMzg1MDM3YjZmOA--;_ylg=X3oDMTFrM25vcXFyBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdAMEcHQDc2VjdGlvbnMEdGVzdAM-;_ylv=3
