Zeev's Turnips Patch-No Politics (ZEEV)

[Sir Realist]

Watching the $USD chart has been the best gauge of market direction lately and it's gonna retest support at a level that would conform with NASDAQ retesting 1230.

http://quotes.ino.com/chart/?s=NYBOT_DXY0&v=dmax

Once it bounces around 106, it's set to rise back to 112. Resistance at 108 is not the stopper. At 109.5, it gets blocked completely, it would seem: http://stockcharts.com/def/servlet/SC.web?c=$USD,uu[g,a]maclnnay[d19900101,20020801][p]<i[J452209....

A closer view of the obstacle of last Dec/Jan blocking point reveals this to be 109.25: http://stockcharts.com/def/servlet/SC.web?c=$USD,uu[g,a]maclnnay[d20001201,20020801][p][J4522095,....

It represents the neckline on the dollar's Head & Shoulders chart and should prove stiff - if not unbreachable - resistance.

Which, correlated to NASDAQ moves in recent weeks, suggests 1400 is gonna be a tough cookie to crumble.

We could meander for weeks between the two, or the market could cave on these bottom tests.

My guess is we do this roundtrip another time, too, before we get past 1355.

That 8.14 CEO deadline could be the reason.