While the market's problems today go far beyond the dollar, it also has not been helpful. I do think the dollar may be accumulating for a bigger move, I mentioned that yesterday I believe, but it's also pretty early in that round of accumulation. So just looking at the short term of the dollar, heres what I see.
UUP looks like it's going to come under some pressure shortly as it has not been able to push through the intraday highs and is now showing a leading negative divergence. It may give the market a little breathing room.
At this point in the day, if there's going to be something similar to yesterday's late market action going parabolic to the upside, I'd say this next test of the lows needs to how some volume on the green side.
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