There was some exceptional volatility last week and the hints of tentative trend developments – most notably a breakdown of the Dollar and attempted rally for US indices. Yet, those moves have abated to start the new week with data and technical levels playing a bigger role in market conviction.

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The S&P 500 found resistance last week at a key spot, but is this a mere speed bump for bulls on the way to a Santa rally? Or are bears gearing up for another downside push?

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The Dollar has enjoyed a broad bounce to start the week and USDJPY is one key pair that is seeing the turn work around major technical levels. There is technical precedence from earlier this year that suggests such a large jump can revive bulls – but is the prevailing trend still bullish?

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The US Dollar is starting the week with a bounce and the FOMC is in the blackout period ahead of the next rate decision.

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S&P 500, Dow Jones and Nasdaq have lost ground after Friday’s NFP report and expectations of further rate hikes for longer supported the safe-haven Dollar, driving equities lower.

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