SPX; EURUSD Update

1. TRIN quite oversold on a ST basis; also this is Opex week. Bounce soon? Daily slow Stochs on RUT are already below 30; Slow stochs on Bonds are at 70.

2. EURUSD may bounce soon (from 1.2600 - 1.27 to 1.300), but ultimately may go down to 1.245 or so (61.8% retrace of recent up move).

3. Strong dollar (weak Euro) will create headwinds for SPX. SPX down to 1060 then up to 1100 or so, then down to 1040?

4. Copper could easily fall 2.5% from here before support.

Conclusion: ST bounce likely but there is more to fall before support. Short with Euro Puts or BGZ.