AMEX:UUP POWERSHARES DB US DOLLAR INDEX BULLISH FUND
The us dollar index is threatening to break the long-term that has supported price action since the bottom on May, 2014. Except for a few brief instances this has served as life support for the entire rally, and a meaningful break of this would have significant implications for and . Oil and the Canadian Dollar , ( FXC ) are already signalling the imminent break of the dollar's support with their recent bottoming action. (see my other chart on oil bottom). Other sectors to watch for possible trades would be the CRB index, OIH , XLE , DBA , DBC , DBE, as well as Gold , Silver , and , especially the Canadian Dollar . The other scenario that could be in play is a formation in the dollar. This is a less likely scenario given all the supporting evidence in the price action of correlated markets, but still a viable outcome that would portend higher prices in the Dollar near term. The next few weeks will prove to be critical for and bears watching closely.