DOW JONES SPDR DIA DAILY FAILED UPTREND
The downtrend from the January high met all normal "trending" characteristics and guidelines.
The uptrend from the February low so far has failed the general trending guidelines and has failed to rally in price or in time that suggests that the market is NOT ACCUMULATED and rather is IN DISTRIBUTION at the current level.
The 163.18 level is key resistance and only if the market can climb above this 163.57 level will the uptrend be re-confirmed.
A healthy market will rally for 10 days from a 10-day accumulation. Time runs out today on the uptrend, which means that at the end of today if the market is below 163.18, it is wise to go short and place a stop above 165, while looking for a drop down to the 158 level (the last consolidation).
Tim 3/17/2014 10:18AM EST 162.39 last
The uptrend from the February low so far has failed the general trending guidelines and has failed to rally in price or in time that suggests that the market is NOT ACCUMULATED and rather is IN DISTRIBUTION at the current level.
The 163.18 level is key resistance and only if the market can climb above this 163.57 level will the uptrend be re-confirmed.
A healthy market will rally for 10 days from a 10-day accumulation. Time runs out today on the uptrend, which means that at the end of today if the market is below 163.18, it is wise to go short and place a stop above 165, while looking for a drop down to the 158 level (the last consolidation).
Tim 3/17/2014 10:18AM EST 162.39 last
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