Figure 1. UUP/ weekly
The red and yellow dots are key pivot points or important areas of buying (support) and selling (resistance). UUP is finding buying interest at the 22.42 to 22.51 support zone. 23.50 is resistance. A weekly close below these support levels would suggest continuation of the down trend in the Dollar. Such an occurrence would like put upward pressure on equities. If UUP bounces - high likelihood - then equities will be seen as vulnerable.