market. This is an area where you would expect a lot of technical selling, so be interesting to see whether or not we can continue to go higher. If we do, there are plenty of areas above that could come into the picture to cause problems. The most obvious place for me is going to be the $1883 level, where we had fallen from previously. That was an area that had seen a lot of downward pressure and sent the market down to its current levels.
The market continues to be a situation where traders are willing to fade the rally, especially as the US dollar continues to be very strong. As long as that correlation still remains, it is difficult to imagine a scenario where I would get long in this market, especially as the 50-day EMA sits at the $1906 level and is sloping lower. I will be looking for signs of exhaustion that I can take advantage of. The market will continue to be very noisy, but that is not a huge surprise considering the CPI came out so hot during the day, and the Federal Reserve is most certainly in play.