can the dow go higher?

491 10 0
Dow broke the previous retracement with much ease, but it's been hanging around the 14,000 level, and since it is so close to its all time high 14164.53, is it gathering momentum to break it or is it sucking more money to fall?

expect a short term correction tomorrow as obama and the house wrapping up the sequestration drama. It won't be a pretty picture, since the two parties are playing hot potato, and we have the march 27th spending expiration may 18th federal debt limit looming over. it's still a long time, but the market won't let it pass without using them as excuses for short-term correction.

Do you guys agree this is a trompet formation, which means it will come down to 14.000 very soon?
I don't think there is enough data to suggest the formation but if it does go down on Monday, then it's very likely the trumpet is on the way. there definitely has been a lot of "uncertainties" but it seems like that the market only chooses to react to few. I'm expecting it to go down on Monday
no clue about the "average" resistance line?
well, although friday dow edged up but the high was lower than thursday high and and it really dipped down in the opening hours. i feel it is forming a kangaroo tail, ready for correction. if it breaks thursday high 14149.15, then i guess we will be celebrating dows all time high shortly after that happens.
Cannot go higher...or perhaps it is just a feeling as long as usually the beginning of March looks like a defrosting moment...
I agree. There has been much consolidation and hesitation in the 13676 - 14187 area. My reasoning was a negative news like the sequestration would tip over the balance and force the index down. but nothing really happened. i like the defrosting analogy but im not sure whether it is gonna be a nasty swamp or a clean clear pond after everything melts away.
klin HanzhiWang
For sure on Monday will look quiet different...We'll see a week increase by mid of the day, hopefully. You do not have to look so close on the charts that everything is going on a week predictable way, or at least in my humble oppinion this trend will keep on a little increase trend at least 4 days more...
But still, there is a negative divergence and a correction will come.....duhu.....
I had the same Idea. But guess what. Expect the unexpected....nothing had happened on Friday and now all of a sudden, the spendig cut isn't a big deal anymore for the market. Remember last year December crash as a result for the fear of the Cliff....
I guess ppl are more concerned with what the federal reserve is doing than what government is doing. wall street after all cares more about their access to cheap credit than whether there might be a government shut down.
but thinking about it now, the influence of the spending cut weighs more on government agencies than it does on the financial industry. and fiscal cliff on the other hand, had direct effect on corporate tax policies which could be the reason behind the market reaction.
There definitely will be long term detrimental effect on the economy as the $85B materialize itself in the market. yea correction will come
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