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| DXY0 Daily Chart |
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| UUP Daily Chart |
Gator's Chart of the Day: UUP
Today we take a quick look at the UUP which is the ETF that tracks the $US performance. As a reference I have included the DXY0 (not a tradeable instrument) chart that I showed on Tuesday.
Both charts clearly show the break of support and continued move to the downside. On the UUP chart you can see that volume surged yesterday on the back of the Fed announcement and Ben Bernanke's press conference. It's hard to say how low it will go as the action is gappy. That's because currencies trade nearly 24 hrs/day but UUP trades only from 9:30-4:00 EST. The bullish configuration (20 above 50 above 200) is still intact but the 20 day has now turned down.
As long as the $US remains weak I expect equities to rise as they have been. News from the continent regarding the debt of Greece or Portugal or Italy or .... some wacko comment out of Davos could have some serious influence.