As the markets move inverse to the Dollar, key levels of resistance on the Dollar become extremely important. The PowerShares DB US Dollar Index Bullish (NYSEARCA:UUP) is trading at $22.84, +0.02 (0.09%) and into a major double top from January 2012. This level should cause the Dollar to stop moving higher in the short term and even pull back. This will allow the market to have a little reprieve and bounce into the end of the week and maybe even into next week. However, should the Dollar break through this resistance point, all bets are off for the market. This market is on the edge of the cliff. Will it fall?
Chief Market Strategist