DOW - It's Never Easy To Rise to the Top

As anticipated, the coiling triangle gave way to a rally this morning on all Indexes, including the DOW.

We've also noted since some weeks ago that all major indexes have several hurdles(resistances) to clear on any attempts to ascend.

It is not surprising then that the DOW has now 11700 resistance to clear; this being the immediate challenge. It's been attempting to clear past this level since late morning and it does not appear to be succeeding at this time (210pm US time).

If DOW is able to clear this 11700 convincingly, the Bulls will have reason to be joyful, as the next level of resistance appears to be at ~12000 or about 300 points further north.




In an earlier post, we mentioned the need to go easy on Short volatility positions. I hardly think a burst out of the gate with a 3 digit register, a mild market. This morning showed how aggressive indexes can become after a slight nap.

So, it now appears to be showing some signs of bullish bias, judging from the direction in which the DOW index moved out of the triangle apex, BUT only if this 11700 hindrance is very quickly overcome... Hence, adjust your positions accordingly...

it is not a time to hope, if one should be fearing.

good luck to all !!!!