Dow histrionic discombobulation and for my record.
Updated
I haven´t posted ideas in a long time because there was really nothing to say with the market grinding higher. I have noticed how the dow tends to respect whole numbers. Looking at the yr 2016 lows to current price, the dow has stalled at whole numbers more than it has traded right past them. Only two times did the dow trade past whole numbers at 17k and 19k. Currently the dow traded 23k today which also happens to be at the top of a channel it´s been trading in since the feb 2016 lows. I believe if the dow trades past 23k without any problems than this channel is busted and price could trade to 24k. However, if the top channel and 23k are respected, I believe price could at least trade down to the middle channel trendline where price has been finding support for all of year 2017. A deeper pullback would be to the bottom trendline which is also in confluence with the 50 week mva. Who knows? I don´t.
This post is not a top or sell call whatsoever, because everyone who has tried to do so in this bull market has been run over with no remorse. Instead it´s a post for my record and to remind myself to buy the dip if presented. If price traded down to the bottom channel trendline and 50 week mva, it could offer an opportunity to get long. All bs and speculation of course.
This post is not a top or sell call whatsoever, because everyone who has tried to do so in this bull market has been run over with no remorse. Instead it´s a post for my record and to remind myself to buy the dip if presented. If price traded down to the bottom channel trendline and 50 week mva, it could offer an opportunity to get long. All bs and speculation of course.
Note
Dow on a close chart could have run into some resistance. All bs cause the dow train has smashed many. Note
Looking at the SPX and the the low atr for the last twelve months I would not be surprised to see a small pullback, however, no major crash like many are predicting. Sthe SPX also made a bearish engulfing reversal candle stick pattern friday and yesterday. Who know, maybe this time something will come of it. However, I believe this would be a buy the dip moment, if one presents itself.
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