UUP/$USD Update

Since we have some movement in UUP, I think it's time for an update.

You may recall UUP was under some heavy accumulation last week.

 UUP 1 min shows us a bad opening for UUP on the 1 min chart, it opened negatively divergent and has already seen some downside this a.m.

 The 5 min chart shows this to be a more serious problem then just a negative divergence on a 1 min chart.

 As does the 10 min chart

And the 15 min, you can see last week's accumulation as well.

 The 30 min chart suggests UUP will see continued accumulation for what will probably be a large move up in the $USD

 The 60 min chart suggests the same.

Remember that UUP has an inverse relationship with the market and most asset classes, it would make sense to see some strength in the market while UUP returns to the lower range to go through a second round of accumulation. A failure in the market, could then send UUP higher on what would likely be a decent move up over a period of weeks.