This is one serious decline in the major stock market indexes today. As many of my readers know by now when the U.S. Dollar Index pops the stock market indexes drop. Today the U.S. Dollar Index is trading higher by 0.68 cents to $79.20. The move higher in the U.S. Dollar Index comes as Ireland and Portugal come under tremendous pressure to accept a European Union bailout. Then earlier reports out of Europe stated that Austria was holding back a bailout payment to Greece today for failing to comply to their bailout agreement.
The one factor that is keeping this stock market from collapsing even lower is that the U.S. Dollar Index has pulled back intra-day. Every time the U.S. Dollar Index pulls back the major stock indexes all start to inflate back higher. Should the U.S. Dollar Index start to trade back up to the highs of the session it is likely to see the Dow Jones Industrial Average, S&P 500 Index, and the NASDAQ all trade to fresh new lows on the trading session. That has not yet happened, however, often this type of action will end with that type of result. As I have stated many times before the U.S. Dollar Index chart is the only that matters at this time. 
