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!