Per David Elliott :

Yesterday saw little Index dip moves and a market run starting at 10:00AM.
Our SOAP Sell set-up is still valid with a good market drop, that did not happen today.
AAPL hit our dip target then rallied thru the close to a $20 point swing from the low.
AMZN missed out dip target by a $1 before rallying back to the $96 area .
CSCO missed out dip target by 50 cents before rallying to put in a new high.
HD held the 20 and 50 SMA , bounced, and did not break the fail line.

We saw GE continue down suggesting that $15.24 as out next low target now.
The GE drop started with a failed new high test last week with a bear kicker on Friday.
Interestingly the bank stocks are not participating in the last rally, as Ron Ianieri point out to me today in a phone conversation about the current market status.
BKX, the banking Index, is now back below the September highs after a new high last week.
Any break of GS thru the $183 level now puts a lower target now at $174.49.
JPM is back below September highs with a correction target now at $43.70.
WFC has a gap to fill up at $30.92 and a dip target to the $29, and then the $28.12 level.
BAC has a gap up at $18 that has been major resistance for the past 3 months.

The VIX put in a new low today, with a DOJI, and a SOAP buy set-up on any significant rally over today’s High of the Day, “HOD”. IT currently is in a MOBO down move since the break of the daily 50 SMA. Should we get a VIX breakout look for the $24.89 target on the upside.

For those on the TOS, Think or Swim platform, I like the 4 hour time period for the US$, “/DX”. The CCI template has given some lovely “Snap Back” down signals that reflect the counter moves in the equities market. FYI, these futures indexes are all free data chats on TOS.

Gold continues up in the early morning markets for Tuesday at $1067.20, approaching our new high of $1071 again. Watch to see if we get a failed new high test Tuesday and Wednesday, if so, then we should drop back to the $1030 level. Current new high upside resistance is the $1080 level.
Silver has also done a Snap Back up to test the last highs of last week, $18.04. Any drop below $17.13 would send it to the $16.15 level. Current upside resistance is $18.50.

A lower US dollar is giving several manufacturing and technical stocks a dollar advantage boost. I am listing several below. Debasing the US$ appears to be deliberate by the FED in order to stimulate foreign buyers whose currencies are buying more for less, giving US exporters a tremendous advantage. This is another way to stimulate the economy, even thought it is not domestic consumption doing the price appreciation in the market. This demand off shore ,with little on shore demand, is what is likely confusing many economic watchers trying to justify the current Index runs and our domestic economy. The demand is off shore and is likely to continue if China and India continue to show growth and demand for US capital goods .
Service companies with large presences over seas will also see a currency advantage when bringing profits back into the US. MCD is just one example.
CAT did a breakout today over the $55 level to new highs , with $60 our next upside target. While DE is testing a quadruple top at $47.
EMC is another beneficiary of a weak dollar, though at this time too far from the 50 SMA , and subject to some dips.
BA continues to also get a US$ advantage in this current dollar move.

What will trigger a good market drop?
There are likely 3 or 4 high probability events.
One, a Fed decision to start raising rates.
Two, a large reversal in the US$, likely caused by a rate increase in the USA.
Three, an international event such as an attack on Iran by Israel. That would like sky rocket Oil prices, Precious Metals, and anything imported into the USA.
Four, a H1N1 explosion of infected school children. And company workers getting sick that cause businesses to shut down.
Five, the final realization that unemployment goes over 10% ,and the foreclosure rate explodes enough to cause the banks to drop sharply, and pull the markets down with them.
I am sure there are several other events, but these are my top 5 picks.
I will again join you on the TOS and TCNET chat Tuesday. 
Have a great trading day!

FYI some great reading: http://www.scribd.com/doc/21311124/Einhorn-Vic-2009-Speech