Welcome to a new week!
Welcome to a new week, and yes, US stock market is OPEN on Columbus Day Monday.
The Dow had a great rebound week last week, gaining a total of 377 points or 3.98%. The main driver last week was of course the better earnings and jobless claims. However, volume was seriously lacking as investors continue to be cautious. That did not stop the fact that short term bullish momentum is still rising and that the Dow is still a long way to go from being short term overbought, setting up the stage to challenge the 10,000 points. I expect the 10,000 points to be an extremely strong resistance zone and that we will not see a one touch breakout. Investors should be ready to ride a volatile 10,000 thunderstorm and traders might want to take short term profits.
For now, the Dow is now in all out bull trend once again.
The Dow had a great rebound week last week, gaining a total of 377 points or 3.98%. The main driver last week was of course the better earnings and jobless claims. However, volume was seriously lacking as investors continue to be cautious. That did not stop the fact that short term bullish momentum is still rising and that the Dow is still a long way to go from being short term overbought, setting up the stage to challenge the 10,000 points. I expect the 10,000 points to be an extremely strong resistance zone and that we will not see a one touch breakout. Investors should be ready to ride a volatile 10,000 thunderstorm and traders might want to take short term profits.
For now, the Dow is now in all out bull trend once again.
Chart of Dow Made Using Telechart. Want Your Own Charting Software? Download FREE Now!
posted by Jason Ng at 6:19 PM
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