This morning futures are up big Draghi pledge to save the Euro for the 100,000th time. This lead to a big jump in futures and a drop in the dollar. But a wall of resistance awaits the market and a ground of support for the dollar. It is also 7:27 so there is plently of time before the market opens.
The Dollar: After news broke that the Euro was saved the dollar sold off, helping push futures but all that selling did was put the dollar right at support for a potential bounce back up. This 82.88 level was the key breakout level on 7/6 and acted as support on 7/19. On 7/19 the dollar bounced off a swing low of 82.80 and the market sold off. The dollar now has firmed up since nearing the 82.88 level and unless the dollar drops below this market, the rally off this bounce will put pressure on the market.