Clive Corcoran writes that the best way to monitor the rates of the key European currencies against the dollar is to watch the EUR/GBP rate.

Clive Corcoran's intuition is that in coming sessions the market is going to have to explore the downside further to see just how much technical damage was done on May 6.

Bipolar market scenarios will continue and present nimble traders with potentially very profitable opportunities.

The charts for the S&P 500 e-mini contract for June and the one for the cross rate trading between the Australian dollar and the Japanese yen highlight the massive role of the FX carry trade.

The 1150 level on the S&P 500 should prove a strong attractor in coming sessions, perhaps even today.

The chart for the S&P 500 exhibits a clear line of support/resistance at 1150, and this would now seem to be in play.

The S&P 500 registered an inside session in trading on Monday and the pattern suggests that there is a probability that there could be further testing of the downside in coming sessions, and the 1170 area is a plausible target for the bears to want to test.

US currency and treasuries are seeing a firmer tone as asset managers seek out that normal safe haven, but now the yen is weakening and gold is poised at the $1170 level.

Clive Corcoran looks at how some of his suggestions have performed recently.

Patterns seen on the charts for SPY suggest that different dynamics are at work than those that have allowed Clive Corcoran to make sense of MACD divergences for several years.