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PART I
 
After violating what used to be
"support level" now the DJIA, rallied right up to it
-which was the "technical expectation." Having done
so, most constructive -and bullish- thing to do would be to
break thru it. The least constructive -and most bearish- thing
to do, would be for the venerable index to find resistance a nd
turn down.
Notice how the Transportation Index,
has not even made it yet to the resistance level...
 
The same holds true for both NASDAQ
and SP500. Last week's rally is a text book case, of a
"reflex" rally back up to the previous support level.
Nothing to get excited about, unless the indexes break above
that resistance in a convincing way.
Click here for PART
2
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