Another Water-Shed Event

Remember I've been saying the $USD has made a huge base, it pulled back right as it completed the base and I've been saying the pullback is ending, today it ended and the $USD is breaking out.

The $USD typically has a reverse or inverse correlation with risk assets such as oil, stocks and often precious metals.

 Dollar intraday vs the SPX (red), this isn't the normal correlation which is usually mirror opposite, but you can see a few areas where the USD weakness helped the market or pressured it, but a breakout from a large base is a whole new game.

The daily chart showing the second bottom of the "W" and the move to the top of the base, then a pullback and now breaking out.

Here's a closer look at the same, note the positive divegrence at the reversal of the pullback.

This close up shows the breakout of the $USD from the large "W"W base today, this can be a game changer as well.