closing beneath 1962319 would also imply a technical based pause in the uptrend for now. Technical projected resistance for tomorrow stands at 1984468. Only exceeding that level would imply a runaway breakout to the upside. TP 19144 SL19850
Trade active
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decide to hold
Comment
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The immediate Daily Bearish Reversal to watch lies at 1922982 but focus more on 1918672. A closing beneath this level will signal a temporary high is in place. Additionally, a closing beneath 1974774 would also imply a technical based pause in the uptrend for now. Technical projected resistance for today stands at 1998455. Only exceeding that level would imply a runaway breakout to the upside.
Comment
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As of the close of Fri. Dec. 16, 2016, the market is immediately in a bearish posture near-term for now on the daily level warning caution should be taken especially since it's trading below the December 2015 high. Dow Jones Industrials closed today at 1984341 and is trading up about 13% for the year from last year's closing of 1742503. Thus far, we have been trading down for the past 2 days, but this has been an inside trading session warning caution following the high established Wed. Dec. 14, 2016.
On the weekly level, the last important high was established the week of December 12th at 1996643, which was up 6 weeks from the low made back during the week of October 31st. We have been generally trading up since the low made week of October 31st at 1788356 for the past 6 weeks, which has been a significant move of 11% percent in a stark panic type advance. The broader perspective, this current rally into the week of December 12th reaching 1996643 has exceeded the previous high of 1844988 made back during the week of September 19th. We have seen a rally so far from the last low of 1788356 for the past 6 weeks. Only a break of that low would signal a technical reversal of fortune, however, the market remains strong at this time. Right now, the market is above momentum on our weekly models hinting this is still bullish for now as well as trend, long-term trend, and cyclical strength. Looking at this from a wider perspective, this market has been trading up for the past 13 weeks overall. Interestingly, the Dow Jones Industrials has been in a bullish phase for the past 15 months since the low established back in August 2015.
Some caution is necessary since the last high 1835136 was important given we did obtain two sell signals from that event established during May 2015. Critical support still underlies this market at 1561754 and a break of that level on a monthly closing basis would warn of a further decline ahead becomes possible. Subsequently, the market made a low in August 2015 at 1537033 electing four buy signals from that event. This warns that the trend is robust moving forward. Currently, this market remains in an uptrend posture on all our indicators looking at the weekly level. We see here the trend has been moving up for the past 6 weeks. The last weekly level low was 1788356, which formed during the week of October 31st. The last high on the weekly level was 1996643, which was created during the week of December 12th. On a broader perspective, this market remains in an uptrend posture on all our indicators looking at the monthly level. We see here the trend has been moving up for the past 15 months. The last monthly level low was 1537033, which formed during August 2015, 2015. The last high on the monthly level was 1922529, which was created during November. We see that the trend should change come this month so pay attention to events ahead.
Trade active
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Currently, we have not elected any Daily Bearish Reversals from this new high of Tuesday December 20th. The immediate Daily Bearish Reversal to watch lies at 1984644 but focus more on 1981140. A closing beneath this level will signal a temporary high is in place. Additionally, 1992042 offers some technical overhead resistance for now. We have elected 2 Daily Reversals from the reaction low of Thursday December 22nd leaving us to watch 1993384 on a daily closing basis to signal a further adavnce ahead.
Trade active
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Currently, we have not elected any Daily Bearish Reversals from this new high of Tuesday December 20th. The immediate Daily Bearish Reversal to watch lies at 1984644 but focus more on 1981140. A closing beneath this level will signal a temporary high is in place. Additionally, a closing below 1992042 would also imply a technical based pause in the uptrend for now. We have elected 2 Daily Reversals from the reaction low of Thursday December 22nd leaving us to watch 1995130 on a daily closing basis to signal a further adavnce ahead. Nevertheless, we closed rather bullish on our momentum indicator and bullish on the trend indicator.
Trade active
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We have elected one Daily Bearish Reversal from the high of Tuesday December 20th. We need to focus on support at 1981140. This is the level to watch on a closing basis. If that is breached, then that high should stand for now and a retest of support becomes likely.
Comment
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Technical projected resistance for tomorrow stands at 2025055. Only exceeding that level would imply a runaway breakout to the upside.
Comment
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The immediate Weekly Bearish Reversal to watch lies at 1977592 but focus more on 1973235.
Trade active
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Technical projected resistance for today stands at 2062668. Only exceeding that level would imply a runaway breakout to the upside. So Good area to short
Comment
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July gap to be filled !
Comment
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The immediate Daily Bearish Reversal to watch is 2006867
Comment
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The immediate Weekly Bearish Reversal to watch lies at 1977046 but focus more on 1973235. A closing beneath this level will signal a temporary high is in place. Additionally, a closing beneath 2032295 would also imply a technical based pause in the uptrend for now. Technical projected resistance for tomorrow stands at 2082362. Only exceeding that level would imply a runaway breakout to the upside.
Trade active
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Currently, we have not elected any Weekly Bearish Reversals from this new high. The immediate Weekly Bearish Reversal to watch lies at 2000280. A closing beneath this level will signal a temporary high is in place. Additionally, we closed under our technical support at 2077476 warning of a pause in the uptrend for now. We need a weekly closing above 2098643 to imply a further advance is developing.