Since its October 15th intermediate cycle lows, DJIA has had only 3 or 4 down-days and about 20 up-days. This is bizarre by any statistical records and shows the strength of this bull market. This parabolic move is mainly due to central banks’ induced liquidity injections and dovish comments on interest rates. The short-term (daily) trend remains up as long as the index holds above 17.700. Beyond this level, there is crucial support @ 17.500, 17.350 (Sep 19 high) and 17.250. On the upside, last week’s intraday high @ 17.900 and then the historical 18.000 mark will be targeted. I estimate that this year’s trading will finish strongly upward.
Dow Jones Industrial, 4-hour candles:
Chart courtesy of Investing.com. http://investing.com
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