The S&P 500 bounced back firmly by the end of day, ignoring the carnage of the crypto moves today. Many people are scratching their heads, but one of the things I have noticed in recent days is despite the move lower in stocks, the emerging market currencies have held up well. And that makes sense to me. When stocks are stronger, so are emerging market currencies (typically). But USD/ZAR is on my radar as it is setting up a reversal pattern, or a descending wedge. RSI is divergent, which should make bears a little nervous too. Another observation: the pair is not breaking 2019 lows (yet). It has been surprising following the 2021 continued melt up in risk. A move above the descending trendline and horizontal resistance at the 14.2000 level could signal a shift in risk appetite. My radar is up and on now.