With light volume and a lot of worldwide uncertainty, you cannot ascribe too much weight to current conditions. That said, there are times when a basic fundamental shift happens in the relationship between currencies and the stock market. When these shifts happen you simply have to wait for them to play out and then figure out the new relationship correlations. It is too early to tell if a shift is happening or just noise in the current low volume environment.
What makes more sense is too not pay attention to the currencies and just focus on the movements no matter what the relationship is. Sure its nice to know when the Naz is showing more signs of weakness. But isn't that showing up on the ES chart as well and the prise action? Simple stupid is always best.
A break of the trendline not even resulting in 10 pts from high of day? Odd. Edit: Volume dried up since 11:30 ...