Word is FX Carry Trades Are Being Unwound

In short, not good for equity prices.

Take a look at the Euro and USD (via FXE/UUP)

The pair is falling, meaning the dollar is gaining.

 FXE (Euro) a 5 min negative divergence, but note that it wasn't until FXE first posted a breakout new high or "head-fake" which is so common before reversals now it's nearly a prerequisite.

And UUP, makes a new low into a positive divergence before moving up today.

JPY will be interesting as it gains against the dollar, possibly sending it to the G7 intervention levels