sp'daily5
Dow, daily
Summary
*Dow...classic back test of old resistance..now support.
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Rather than get lost in the minor noise..I think the daily charts are more important.
We have a very clear bull flag formation..and if we can close today in the 1800s, that is pretty bullish for next week.
Lets be clear..a weekly close of 1806..would be extremely bullish.
*Monthly charts offer Dow 16500, sp'1840s...this month.
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Notable strength in BTU...confirming the move yesterday...
A very good company..I'm a real fan of that one!
9.56am.. consumer sentiment comes in at 82...another good data point for the bull maniacs.
I'm finding it increasingly hard to believe this wave won't hold..and build into next week.
Tough day for the bears... VIX -8%....a close in the mid 13s..would be the target.
10.30am.. market battling to hold the sp'1800s.
The problems for the bears are numerous..
1. primary trend remains UP.
2. hourly MACD cycle is offering 2-3 days of upside.
3. Heavy QE today..will help to negate any 'selling into strength' .
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Rest of the day is going to be real important, and frankly..I don't see much hope for the bears.
VIX -8% in the 13s...it remains a fearless market.
Notable mover: TSLA, -2%