The dollar has been defying gravity, technically speaking, but we should never assume the Powers That Be are simply going to let it collapse — especially while the stock market’s silly rally holds the masses in a state of delusion.  DXY has indeed pulled back from the brink, but not in very impressive fashion, since there is not even an impulse leg on the hourly chart to suggest the rally is likely to go somewhere. For now, let’s set a bullish alert at 79.79, a single tick above an obscure look-to-the-left peak recorded July 15 on the way down.