The June E-Mini S&P Future is down 2.5% to 1,043, the June Dollar Future is up 0.77% to 87 and June Gold is down 0.52% to 1,187. According to Robert Prechter of Elliott Wave (see Tech Ticker), the S&P is in a minor wave 3 of 5 pattern. The S&P future took out the flash crash low and 5/21 low just now. There are still issues in Europe (Spanish bank bailouts, the Euro), North Korea/South Korea tensions and Dollar funding risk premium (Libor rate) is on the rise. Roubini summed up everything on CNBC last week. Technically, the S&P retested the 200 day moving average and failed. I'd like to see a strong base and downtrend break before getting long the S&P or $SPY ETF. SPY also needs to get back above the 200DMA. The US Dollar Index is near the 5/19 high and Gold is in an ascending triangle plotting its next move. Watching to see how equities react tomorrow and GLD:UUP (Gold/Dollar ETF) ratio! If 1,050 doesn't hold, the June 2009 base of 950 looks like support. Charts below are courtesy of OptionsXpress.