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.
Subscribe to NFTRH Premium for an in-depth weekly market report, interim updates and NFTRH+ chart and trade ideas; or the free eLetter for an introduction to our work. You can also keep up to date with plenty of actionable public content at NFTRH.com by using the email form on the right sidebar. Or follow via Twitter @BiiwiiNFTRH, StockTwits or RSS. Also check out the quality market writers at Biiwii.com.