Dow
Sp'daily5
Trans
Summary
Its kinda interesting to see the Transports get stuck at the 200 day MA, although there is no clear turn/levelling phase seen in the underlying MACD cycle. We could quite easily still see a further 1-2 days higher to around 5150/5200.
The sp' did close under the important 1400 level, and with the dow closing <13k for the second day running, I could understand if some bulls are already starting to get twitchy.
Holding to the original target
Despite the latter day weakness in the indexes, this is not unexpected at all, and there could easily be one final 'stupid bounce' higher, triggering many short-stops in the process.
The 1420s are not even 2% away, and its very viable we could be briefly testing the 50 day MA @ 1424 this coming Thursday.
A little more later.