The Dow is going to go up, on the weekly chart, there were two tests that the market performed to gather information as to which way to take the market. Test T1 tested the market for 4 weeks (1 month) to see if the market should go lower, the target test price point for T1 was answering the question, "should we take DJI to 100wk MA", the market sentiment answer was no, this was the purpose of T1. Once this was answered, the market took DJI to the 50wk MA, now the question is should we go above the 50wk or dump the stock, essentially use the rise to dump stock and then proceed quickly (probably 1 week) to the 100wk MA for testing. The testing of the 20wk and 50wk has been done for 3 weeks now, and what is being answered by T2 is the question, "Does the market want to take the DJI above the 20wk and 50wk or does the market want to do a dump at this price reference?" To answer this question look at the 4 hour DJI trading chart (not shown), what you will see on the 4 hour is a healthy trading pattern of support, between the 20hr4, 50hr4 and 100hr4 (hr4 = 4hour chart).
IMO the market will go up, the next key test will be the breaking of 35824 for the DJI, if the DJI doesn't break 35824 then there is going to be a retest of the low of T1, if the market breakes 35824, then the market is going to test 36592, the high of the DJI last year.
In no way should you think we are on a another big leg up on the DJI, at each price point mentioned above, if it isn't broken the Dow will move down pretty quickly to the T1 test area. If 36592 is broken (to the upside), whether you like it or not and it will not depend on all the fundamental news you have been reading of the "crumbling financial foundation of the market and inverted yield curve", the market is going to go up and it is likely to go up viciously, at least until the next price testing point is reached.
IMO the market will go up, the next key test will be the breaking of 35824 for the DJI, if the DJI doesn't break 35824 then there is going to be a retest of the low of T1, if the market breakes 35824, then the market is going to test 36592, the high of the DJI last year.
In no way should you think we are on a another big leg up on the DJI, at each price point mentioned above, if it isn't broken the Dow will move down pretty quickly to the T1 test area. If 36592 is broken (to the upside), whether you like it or not and it will not depend on all the fundamental news you have been reading of the "crumbling financial foundation of the market and inverted yield curve", the market is going to go up and it is likely to go up viciously, at least until the next price testing point is reached.