With John Taylor purportedly gaining in the running for next Fed chair, the US dollar shot past overhead resistance this morning.  In the process, it rejoined the rising channel from which it broke down and leapt back above the falling white channel midline.

This is an aggressive move which, if it holds, changes the calculus for a number of charts.

continued for members…First, it did a real number on gold.  The reversal we warned about at the .382 is playing out, and a tag of the SMA200 is back on our radar. It would also clear the decks for a breakout in USDJPY……and a potential decline in RB and CL.Latest thoughts on VIX…

As the dust is settling, we can see the dollar’s rise has done little for stocks.  ES is down a point.  Perhaps a rising dollar with a hawk in charge isn’t quite as bullish as with a dove in charge.