You’d think that somebody would have already been killed by now with all the “death cross” sightings and warnings named for German passenger airships that catch fire and fall to the earth killing passengers and bystanders. MarketWatch files this report on some technical indicators pointing to something bad ahead for the U.S. dollar.

An exchange-traded fund that follows the movement of the U.S. dollar against a basket of foreign currencies looks to be approaching a closely watched technical indicator traders call a “death cross.”

Technical analysis has grown in popularity as investors grope to make sense of an uncertain market prone to violent swings after the credit collapse. For example, investors were bombarded by headlines in early July pronouncing a death cross in the S&P 500 Index.

Traders closely watch moving averages for major indexes to get a feel for trends and where markets may be heading. When the 50-day moving average moves below the longer 200-day moving average, it’s known as a death cross and may forecast lower prices ahead. The opposite situation — when the 50-day rises above the 200-day — is often called a “golden cross.”

Of course, technical levels and indicators aren’t gospel. As a reminder, the appearance of the S&P 500 death cross in early July coincided almost exactly with the year-to-date low for U.S. stocks. The so-called Hindenburg Omen is another obscure technical indicator with an ominous name that has gotten a lot of press lately, but its forecasting track record is mixed at best.

The dollar death cross has not yet formed and maybe it never will. Moreover, if it does, it may mean nothing at all, so, there is really no reason for alarm – just be careful out there…