The U.S. Dollar Index finished the week lower after failing to confirm last week’s potentially bullish closing price reversal bottom.

Clearly, both the daily and weekly chart patterns indicate this market can accelerate to the upside if the daily swing top at 78.61 is taken out to the upside. This move is likely to trigger a short-term rally to a 50% retracement level at 79.58.

The September E-mini S&P 500 finished the week near its low, but slightly above a key 50% price level at 1065.25. The weekly chart indicates the market still has more room to the downside with 1050.50 the next likely target. A test of this level could attract strong buying power.

U.S. stock markets plunged sharply lower in a volatile trading session on Thursday as investors bailed out of equities on concerns about the economy. If this had been a normal trading day, the markets would have been under pressure into the close but short-covering ahead of Friday’s jobs report helped to limit losses.

The GBP USD opened higher driven by spillover buying from the Euro, but by mid-session was trading well off its high. The initial rally was triggered by the possibility that the two major political parties - Labour and Conservative - were working together to map a plan for a balanced budget despite the possibility of a hung parliament.