S&P's and Dollar Index

The top chart is a weekly sp and the bottom chart is a daily dollar index.  The weekly sp is very similar to what the dollar index looked like last Wednesday and Friday prior to the overnight break.  With today's weakness thus far in the stock indexes it appears that there may be more room to decline.  For a short term trade you could sell 863.50 and risk 4 points with an open ended profit target for now.  That would also be a reasonable level to start covering short put positions.

It's worth mentioning that I earlier recommended to get out of short dollar index positions not because of the daily chart, but because of the weekly and other time frames.  

There is a substantial risk of loss in trading commodity futures, options and foreign exchange products. Past performance is not indicative of future results