Another gap fill on the 30 and a new gap made:

The SMA 100 briefly acted as resistance on the way up. I’ve been looking for it to roughly act as resistance on the way down.

In addition, the SMA 50 & SMA 100 are now heading towards convergence, which means, on the daily, the 24.32 – 24.26 area should act

as strong support in terms of MA’s.

Aside from the SMA 200, note the volume. Of the last 10 consecutive weeks, UUP has rallied for 7 of them, or 70% of the time.

In that respect, it is not surprising it is taking a breather.

My version of the old chart we’ve been following, in one form or another, for a while:

The possible IH&S: