Another Bearish Sideways Day...

The Dow rose marginally in a sideways day today by 14 points. It is to be considered another bearish sideways day just like 2 days ago because it made yet another lower high and lower low. Such small candle days are usually continuation signals for the previous big move, which was the downwards day yesterday.

So, it does seem like the Dow is going to challenge the 8000 points support this week. Interestingly, there seem to be a weakening of the bear trend today which suggests to me that the 8000 points level could very well hold up. Buyers were in strong today, reversing the early bears even though they failed to produce any significant reversal pattern. The 200 days moving average continues to depress the Dow but at least we are now at a stage where most short term averages are above the 200 days moving average, which has to be a good thing going forward.

For now, the Dow remains in short term bear trend, intermediate bull trend and primary bear trend.