What looked like and felt to many as a serious drop in the market, really looks like a pullback upon examination of the charts for the Dow Jones Industrials, and a possible opportunity for a accumulation for a higher high. Did we sell off enough and take enough profits to keep he interest going for a higher high? You can only judge for yourself:
On the 60min chart the DOW was supported and bounced at 10570 area; a previous congestion turned support.
A further look at the 6 month daily we can see the breakout channel trend up which has not been broken.
Pulling out yet again further, the 9month daily confirms the channel and the relative small movement that occurred.
So, will the market turn or will it be a continuation from here to 11000? The charts seem to suggest it.Although we had a monster move up the past 9 months. We are not yet at a turning point. The jittery world markets, the not so positive financial news and of course the economic outlook seem not to phase it's determination.. Enjoy it while it lasts!
Because the tables may turn any time; as only Billie Holiday can sing it
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$MA bounced off the $248 area which it needs to hold.