Optimistic Start For The Week
The Dow followed up today into its fourth consecutive up days, closing up by a marginal 29 points in a low volume trading day.
In a day without any economic releases nor market moving news, investors decided to remain optimistic. Today's move brought the DOW right on the top of its short term neutral channel with plenty of strength left to stage a breakout. Short term bullish momentum continues to rise today, increasing the chance of a topside breakout within this week. Tomorrow's Empire State index (see Stock Market Calendar) might also provide the catalyst should it turn out better than expected.
For now, the Dow remains in short term neutral trend within an intermediate and long term bull trend.
In a day without any economic releases nor market moving news, investors decided to remain optimistic. Today's move brought the DOW right on the top of its short term neutral channel with plenty of strength left to stage a breakout. Short term bullish momentum continues to rise today, increasing the chance of a topside breakout within this week. Tomorrow's Empire State index (see Stock Market Calendar) might also provide the catalyst should it turn out better than expected.
For now, the Dow remains in short term neutral trend within an intermediate and long term bull trend.
Chart of Dow Made Using Telechart. Want Your Own Charting Software? Download FREE Now!
posted by Jason Ng at 7:42 PM
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