The markets are seeing red today. New worries are popping up over Europe and the debt crisis. This is causing the Dollar to spike higher and in response, the markets are falling. The SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $123.77, -2.26 (-1.79%).

The markets are holding a choppy pattern of consolidation. Overall, this still has a bullish tone to it on a macro scale. The choppy action saw a big down move last Thursday, then an up move Friday and down the markets go again today. The net move over the last week or so has been flat. This flat choppy action is the bullish consolidation that makes the macro pattern bullish. Should this pattern hold, upside will come later this week.