I had no clue Uncle Buck would be this angry when projecting a bounce. Sure, he was outside the party house in the cold, looking in the window at the revelers as they drank punch, drunkenly came on to the pretty girls and generally acted like a privileged in-crowd.
Now, Unc is at the 1st resistance level. If this market event is going to ease imminently, then so too probably is the USD index around 90. If it is going to get even nastier, there are higher levels of resistance.
For reference, here is the chart we originally used to note long-term support. I mean, it’s not a surprise.
And it is also not a surprise that stocks are bearish in the face of this thus far mini-bounce in USD. Here is the chart we reviewed on January 29 as part of a ‘USD bounce’ post.
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