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Bullish Formation   “We have basically the same situation as yesterday, with the market forming a very nice trend line at the consolidation highs, which was reinforced today.”  Friday was a continuation of the same (bullish) behavior, with a good triangle pattern intraday that should lead to an upside break if we can cross 28,000

See Yesterday’s Commentary!   “Consolidating at highs is precisely what should happen in a Bullish market.   But we are also watching for a break of that upper line,  which would be even more bullish and a great buying opportunity – short term.”  We have basically the same situation as yesterday, with the market forming a

Yes, We are Consolidating.  Now what?   “We should Consolidate here…”  Looking at the 39 Minute chart, we see a bounce off Support, followed by a turn back down in the last bar of the session.  Consolidating at highs is precisely what should happen in a Bullish market.   But we are also watching for a

Support Holds – Exactly.   “…the market did in fact move above 27,600 today – establishing that as the new Support Level.”  Interestingly, today’s move brought us right back to the same place – a picture perfect retracement to Support.  We should Consolidate here but all we really need to do is watch for break

27,600 Becomes the New Support Level   “The question is whether the market can continue to gain ground after moving 1,300 points in the past 5 sessions.”  With a little bit of prodding, the market did in fact move above 27,600 today – establishing that as the new Support Level.   DJIA – 39 Minutes