The Eurodollar vs. The U.S. Dollar (EUR/USD) having drifted higher, was rejected this week. Perhaps now we will get a real wave of selling that will allow for a more accurate forecast. I would expect to get a clear read on this market after it reaches down to test the 1.08 level.

The S&P 500 index proxy (SPY) has moved up to dissipate the bullish energy that was attracted by the double bottom and bullish flag formation we discussed in last week’s forecast, and now we expect to see the bears take change and drive this market lower in the week to come.

Pfizer (PFE) turned over within the red zone as forecast, but there is some bullish power in the short term tha we believe will push prices back up for another test of bearish resolve…

Apple Inc (AAPL) is behaving exactly as forecast…it is basing as bearish energy is being built up, and we forecast that there will be one more bullish “push” which will fail and this will likely be the catalyst to trigger more serious selling for the stock.