Average bull market lasts 5 year with a 175% return on average. This market has gained 325% since 2009, getting long in the tooth. Average bear market decline is 32%. Time to start getting ready imho. No one has figured out how to time the market, so we draw lots of lines connecting the dots we hope makes us the money.
In short, DIA looks to be in a ascending triangle bullish pattern. Resistance at 182.68 is a real possibility, testing all of the long positions commitment. DIA over 183 will force a lot of shorts to capitulate and all price to move higher. I don't think next week we will see DIA over 183, for my accounts sake, April we will have the breakout.
The bulls have pushed the market higher for 9 consecutive days, I'm looking for some profit taking before the end of the week. I keep the charts simple, areas of support and resistance, a good day trading opportunity may present its self this week in the area of 17k. I am "SHORT" biased, but I will get long quickly if price action trends upwards.
This week, the bulls and bears are going to fight for control of the direction of the market. Bulls will be wanting to take the YM higher in hopes of reaching 17k. Durable goods, FOMC, GDP and Jobless claims all this week will give both bulls and bears a lot to digest. I am neutral... AKA, prepared to go either way.