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The Technical Take: UUP

Figure 1 is a weekly chart of the PowerShares DB US Dollar Bull (symbol: UUP). The indicator in the lower panel measures investor sentiment towards the US Dollar, and this data comes from MarketVane.

Figure 1. UUP/ weekly
UUP Weekly Chart

As you can see, UUP has been in an obvious down trend, and as expected, investorsare bearish towards the US Dollar. The inability of the Dollar to bounce whenare investors are extremely bearish suggests that oversold has become more oversold.This is the definition of a strong down trend. This down trend won't be reverseduntil there is a weekly close above resistance levels at 22.36 (i.e., a key pivotpoint) on the UUP.

 

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