(Still) Short Term Bullish
There was some interesting behavior Thursday as the market pushed to the upside and then settled back to the short term Support at about 25,750. The Gap followed by this behavior suggest more upside for Monday, because we basically held at the Support Level.
DJIA – 39 Minutes
The Daily Chart continues to show the wide consolidation, with the market resting on 25,000 as mentioned above. The market continues to hold its bullish posture, but that could change with anything new entering the psychology of the market.
DJIA – Daily
Overall, the steady pressure to the upside again suggests a steady climb towards the resistance line at 26,300. From there, it is difficult to tell. We need to solidly break that line to take new ground.
In the absence of news, the market is behaving in a rather normal way, slowly gaining with the usual pull-backs, but forming solid support levels as it does so. All indications are that we will slowly climb to the resistance line at 26,300. That is our next major level and I would expect a pull-back when it is reached.
Ed Downs
