The dollar made yawn-worthy headway last week with a one-day leap for who-knows-what-reason. The single prior peak the move surpassed on the daily chart was an ‘internal’ rather than the ‘external’ we require to signal a true impulse leg. The first such ‘external’ lies at 104.26, and it can serve as our minimum requirement for signaling a move capable of rejuvenating the long-term bull begun in 2011. Even then the rally would be suspect, for it would still fall well shy of the  107.99 ‘external’ high from November 2022 where a bull run crapped out last October. Our skepticism and a high bar are warranted, since the dollar must weather a Treasury auction calendar for 2024 that will require $8.5 trillion of borrowing to finance rollovers and U.S. budget outlays. Please see my current commentary for additional notes on this.