8:31, a.m. EST
The Usual Suspects, Tell Us:
Higher dollar was just a ‘dead cat bounce’.
A reasonable expectation, reversal or not, is for the market to come back and test the support level.
Currently, in the pre-market, UUP is trading at 24.21 – 24.22, basically unchanged.
Since the divergences are taking place on the weekly chart, if there’s a reversal, it’s likely to be a sustained move.
For today, watch for UUP, to come back and test.
After that, a move higher may indicate sustained reversal is underway.
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