The U.S. Dollar ETF (UUP) could very well have created a “Head &¬†Shoulders”¬†topping pattern, as well as breaking below a flag/pennant formation.¬†¬†

What UUP does on support line (1) will go a long way to determine if the H&S read is correct.  So far support line (1), remains support!  If UUP can break support to a greater degree, it would give commodities a solid boost.

Keep your eye on this support line! 

How The Recent Decline In Stocks Looks "Eerily" Like Major Bear Markets Of The Past