Fri May 23rd

The S&P500 looks set to test the upper region of the bullish ascending triangle in coming sessions. 

The expanded chart below shows that the last two days have been bullish for the S&P500 with price trading up just under this 1,900 S/R level:

The USD index has traded higher over the last two days as well and has no broken up through a daily bear trend line that has been in place since the beginning of February this year. The index is reaching up towards another resistance area though in the weekly 200 EMA:

The index is also making another attempt at breaking up through the daily Ichimoku Cloud. Recent attempts at this have been rather short lived but this time just might be different:

I’ll be interested to see how the USD index reacts at these two key resistance levels this time around and the impact, if any, that this may have on the S&P500.