SPY, EUR/USD seems want to get higher high.

The next bearish pattern is in the forming with SPY 15' chart.

15' chart: Following the down break of rising wedge on Nov 4 2011, It seems to me that an Ascending Broadening Wedge is in forming. If we expect this bearish pattern in short term, we should pay our close attention to the RL (Resistance Line) of the ABW (Ascending broadening wedge) and the resistance level 127.25.
Bearish scenario: If SPY retraces after touching the RL of the ABW (we join the bears at this point as an active trader), then we'll cover if we see a bounce at the SL (support line) of the ABW. We'll hold the shorts if SL is broken down.
Bullish scenario: If SPY breaks out the RL of the ABW (we join the bull camp!) and manages to breakout 127.25 (we close longs if 127.25 is a solid resistance / but we'll keep longs if SPY close above 127.25). If 127.25 become a support at Nov 8 close, we may dream 129.42 as the target of Nov 9.

Buy the dips?

My feeling today is buy the dips. However it may be for aggressive traders only. Meanwhile a cautious approach   could be wait and see.

Markets may try to get the higher high today

Markets may try to get the higher high today however considering the uncertainties in the containment of the Euro debt crisis and the overbought of T2108, T2121, T2122, TRIN-X indexes, I think it's ripe to close long positions. For the target of today high, I think 1273.35 (MA200) will be the target and may also be a solid resistance of SPX.

The EUR/USD flares up with 0.75%

The EUR/USD broken out the 1.368 and gained more than 0.65%. With Europe markets in green, I have a vague idea that Papandreou government may fall or there will no referendum in Greek. US market may continue the bounce today and I will have to keep my eyes to the EU events because they are the driving force of the world markets these months.