The party is over folks....The DOW failed to maintain its position above 9400..A quick gap up to open around 9475 and it was all over.Confirmation, as if you needed it, was from negative divergence on both RSI and CCI. Rising trend support broken at 9350. Contrarian view says the drop is overdone and tomorrow may be an up day, but don't expect too much.
Local support at 9200 may help a bit...but resistance is only 100 points away at 9300. Possible head and shoulders formation would mean a bounce at 9000 going up to 9200 odd.
Nice faked breakout today of almost 100 points, giving hope to the possible bull triangle breakout I suggested....which promptly failed.
I can't see any real possibility of another attempt at 9400...It dutifully met my estimates of 9400-9500 and I think that's it.
Let's see what tomorrow brings....
Local support at 9200 may help a bit...but resistance is only 100 points away at 9300. Possible head and shoulders formation would mean a bounce at 9000 going up to 9200 odd.
Nice faked breakout today of almost 100 points, giving hope to the possible bull triangle breakout I suggested....which promptly failed.
I can't see any real possibility of another attempt at 9400...It dutifully met my estimates of 9400-9500 and I think that's it.
Let's see what tomorrow brings....
