Broke out of pennant Friday but Nasdaq spoiled that run entirely. If it wasn't for Boeings breakout I think Friday could have ended red. Closed right below FIB .382 showing a
bearish SHOOTING STAR but above breakout (white line). If the Dow opens red or 1st support will be that breakout line at 34080 which coincides with EMA 21 and 2nd support would in the area of 33,976-33945. 33,976 is channel support and 33945 is fib support; look for a bounce in that area. I think it all depends on how hard the Nasdaq dual listed stocks will pull on the dow.
1st resistance FIB .382 followed by fib .236
In my opinion, I think we open up and test that break then retrace and close green. More money will be cycling into value (Proctor gamble, jpmorgan,boeing,Johnson &Johson).
As I mention in my other post long term ( by next week) were screwed if your a bull . Just one last trip up to wedge top
bearish SHOOTING STAR but above breakout (white line). If the Dow opens red or 1st support will be that breakout line at 34080 which coincides with EMA 21 and 2nd support would in the area of 33,976-33945. 33,976 is channel support and 33945 is fib support; look for a bounce in that area. I think it all depends on how hard the Nasdaq dual listed stocks will pull on the dow.
1st resistance FIB .382 followed by fib .236
In my opinion, I think we open up and test that break then retrace and close green. More money will be cycling into value (Proctor gamble, jpmorgan,boeing,Johnson &Johson).
As I mention in my other post long term ( by next week) were screwed if your a bull . Just one last trip up to wedge top
