When I ran the monthly chart this past Saturday, the index had just about touched its monthly uptrend line. One should see a bounce from the touch and given the behavior of some of the dollar pairs I think it's more likely than not.
There's still all that negative dollar sentiment and the Fed is sure to continue its less than effective quantitative easing. Have you ever seen a market bounce in those doomsday conditions? I have. Stay tuned. If the index begins to approach 78, there may in fact be a decent rally, at least up to the top of the symmetrical triangle.
Here's the monthly chart:
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