U.S.$ ETF/At Support *PIC*


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U.S.$ ETF/At Support *PIC*

Posted By: Trades
Date: Monday, 2 November 2009, at 12:33 p.m.

This U.S.$ ETF:UUP broke up over the downtrendline from the March high. More importantly this downtrendline was also at the Sept low price resistance pt of 22.52. Price since ran up to 22.75 and has come back to the 22.52 which is now serving as support. So far so good with UUP for a 1st positive step. Price needs to hold above 22.52 and rally through 22.75 to suggest an uptrend of some duration has begun. Lower technicals show positive divergences on the recent lows. The RSI 21 is still below the 50 line resistance and bumping up against it. Important for this indicator to clear the 50 line for more evidence of further strength. At least the 1st 1/2 of Nov tends to be bullish with the seasonal trend charts in all time frames from 5 to 15 to 30 yrs overlaid. Dec is very bearish and January is the most bullish time of the year for the U.S.$.

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