Possible S&P Double Top

I haven't pulled up the S&P 500 with oscillators to determine for sure if we're seeing a double top or just a 'pause that refreshes' before powering to new highs.

What seems to be 'certain' (for the moment) is that weakness in the dollar seems to be correlating rather strongly with strength in the US equities market. There seems to be a powerful 'carry trade' on the dollar where synthetic shorts are being created by large institutional entities that can borrow usd for effectively 'free' and placing levered trades on govt backed bond instruments elsewhere (like the aud) where interest rates are much higher.

If/when that trade unwinds, it will look like a movie theater where the curtains are on fire -- powerful upsurges in the usd, coupled with a downdraft in the equity markets is what would be 'expected'. Of course, the 64 usd question is, when?

Unfortunately, a carry can last for days, or years as in the case of the jpy carry that persisted for years. So getting the timing right, while lucrative if right, can be maddening and account draining when not.