Achey fake-y breaky - or prelude to SPX trying its own 50% retrace

Remember what I posted yesterday about breakout or fakeout? Today traders fished out those stops at SPX 1114, sending it briefly to 1116 before it swooned negative, then barely kep balance between 1107 and 1112. Just enough to avoid immediate revolt among bulls, without looking encouraging either. You can see below, the dollar (inverse of the euro, FXE) didn't make a new extreme and actually helped put a damper on the action.

Poking over 1114 "should" send the SPX to test 1122 so it can join other indices that made their 50% retracements back to 2007. We'll have to wait and see. I'm no cycles expert, and even my EW skills are getting taxed. Tony's keeping a sort of watch with the a/B count so for us, we'll just keep watching the levels for now!

Update: the A/D moved up (and TRIN's 10-day MA stayed above 1.20 thus technically oversold), and Terry Laundry's update tonight states it didn't break out yet but he's expecting it will. Futures are up now, which is consistent with more upside - but we'll just have to see what tomorrow brings. So far I've adjusted to the idea of switching this week from short to long bias with cash on hand and will see if SPX can get to 1122 with or without the dollar strengthening - and see how SPX (and gold) react around these levels).