[Update: the TED spread also fell today.]
The dollar: This is a key chart. Wave "A" of (2) likely bottomed as I shown earlier on my post today http://3.bp.blogspot.com/_TwUS3GyHKsQ/TB-3lblg8EI/AAAAAAAAF9o/dYIOF-0HHNg/s1600/2010-06-21-TOS_CHARTS.png
Again, B wave strength in the dollar could translate into further Minute [b] of 2 weakness in equities. I thought it might decouple a bit today but alas, it didn't really too much in the end. Green dollar, red markets.
Advancers chart really didn't take a hit much at all. It would still look better for a bit of a further down and then the [c] to peak.
I somehow missed the big gap up on the VIX chart, and now I suppose the market wishes to challenge that to close it before Minor 2 is over. But before it is challenged, we could get some fear again in a VIX move up.
CPC moved into my target box but it could bounce around here and move lower eventually.
BPSPX has solidly retraced yet it hasn't yet been a 38% retrace. So again, even though today strengthened on this chart, ultimately more upside would look ideal.
The reversal nature of today's move could indicate Minor wave 2 is over. It did after all manage to obtain a solid 50%+ retrace on the SPX and Wilshire and actually higher on the DJIA. Anything extra from here on out is bonus.
However, we don't yet have a solid 5 wave pattern down and have not yet closed under 1089 to confirm a more bearish reversal. So rather then chart the squiggles, lets suppose that the 1131 peak was the top of Minute [a].
Another possible count is (i) of [c] of 2. But in this case, it will have to reverse hard up tomorrow and 1105 cannot be breached even on an intra-day basis.
A close under 1089 gap would be bad for any bullish count up. So one could suppose that if this is Minute [b] pullback, then 1089 gap should not be closed under as that would be a bearish reversal of the follow-through day.
The hourly chart's technicals support more of a down move ultimately from here. We have significant negative divergence at today's high and a solid reversal that could translate into further technical weakness on this chart as a minimum.