The Technical Take: UUP

Figure 1 is a weekly chart of the PowerShares DB US Dollar Bull (symbol: UUP).  The indicator in the lower panel measures investor sentiment towards the US Dollar, and this data comes from MarketVane.

Figure 1. UUP/ weekly

As you can see, UUP has been in an obvious down trend, and as expected, investors are bearish towards the US Dollar.  The inability of the Dollar to bounce when are investors are extremely bearish suggests that oversold has become more oversold.  This is the definition of a strong down trend.  This down trend won't be reversed until there is a weekly close above resistance levels at 22.36 (i.e., a key pivot point) on the UUP.