— Mike Zaccardi, CFA, CMT (@MikeZaccardi) November 11, 2022
Today’s Chart of the Day was shared by Mike Zaccardi (@MikeZaccardi). One of the biggest developments this week was the breakdown in the US Dollar. The US Dollar Index dropped 4% this week, marking the worst week since 2009. Mike points out that it broke the uptrend line that has been in place for the majority of 2022. The strength in the US Dollar has been putting pressure on stocks and risk assets all year, so this is exactly what the bulls have been waiting for.