As expected, the market continued to move in a tight range today from 24,400 to 24,800. I would expect a solid break to occur from it Friday or Monday, which should be imminently tradeable intra-day. From there, we need to watch the major levels that are marked in the charts.
DJIA – 15 Minutes
The Daily Chart continues to show a solid consolidation with clear support and resistance boundaries. Once we see a solid break of one of these levels, th emarket should follow through.
DJIA – Daily
Commentary: Clearly the market wants to go up, but is hesitating. Many stocks are way overbought. AAPL, NFLIX to name a few. When is the Day of Reckoning? When the DJIA breaks 23,000 (down). A solid break of 24,800 up will tell us the market is going higher – at least short term, But a break of 24,400 will indicate short term weakness. Then, we need to keep watching 23,000. As long as that level holds, we should see more upside — in a market that wants to go up.