Did the Dow Breakout?

The Dow challenged the 10,000 points again today, "breaking" it by 92 points to close at 10,092 points today.

The great 10,000 points challenged continued today as earnings reports continue to roar in optimistically. The Dow once again stood above the 10,000 points level but is that a breakout?

Well, sadly, I won't call that a breakout yet. First of all, volume was extremely light. Volume is an extremely important indicator of breakouts, indicating mass public interest in a single direction but that wasn't what we got today. The majority clearly has not casted their votes yet. Secondly, the Dow is clearly in an area of congestion now, bobbing on the 10,000 points level, seeking for some majority help. In fact, we also didn't see many stocks with bullish entry signals in the market today, signifying that there may not be enough new bullish momentum to follow up over the next few days. I won't be surprised to see the Dow retreat a little back down to its 30MA before trying again for real.

For now, the Dow remains in all out bull trend.

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