To get a sense of next weeks moves, we can only focus on how we close this week. The same goes for the month, quarter and yearly. So below is the chart of the daily showing some interesting trend lines.
What We Are Seeing:
Above is the daily chart, you can see the DOW fell right to the bottom uptrend line and we are still within the channel. This is telling us it is still bullish. To confirm that bullish behavior on a daily period and weekly, we actually held the daily bearish reversal of 25052.50, since we close yesterday at 2052.83
So now we have critical support here on Friday on 10/10 low. What we are watching now is the weekly bearish at 24965 which is our critical support as well.
For the breakout, we have a new weekly minor bullish at 25044.
But to be a strong buy signal (to add to positions), the market will need to close above 25,754.
Next week appears to be an important target. So will post data as I get it.
- Tapped Bottom Daily Bearish Reversal at 25052.50 and held
- We are still in our uptrend channel, just testing our supports
- Critical support for Friday is: 24965
- To have a minor break, we need to close above: 25044
- To have a (add to position, buy signal on weekly), we need to close above 25,754