DOW rocketed again on wings of HWP and closed at DOW 11,035. This is the first close above DOW 11,000 since September 13th.
This morning, after the HWP spike, I mentioned short term support of DOW 11,000 with resistance at DOW 11,080. A close above DOW 11,080 and strong BKX confirmation of BKX 900 close will get me to throw in the white rag to Go Long. Keep DOW 10,880 as lower support which must be held for bulls to maintain control. An intraday break of DOW 10,880 is bearish and a close below DOW 10,880 must be confirmed by close of BKX 861 for Bears to regain control. We should revisit this level as early as tomorrow - but no later than Wednesday of next week for this test of lower DOW - BKX support levels.
Today DOW 10 day MA (DOW 10,761.50)crossed the 89 day MA (DOW 10,725) for the first time since September 13th. This is obviously bullish.
We are now comfortably above DOW 50 day MA (DOW 10,548) and DOW 200 day MA (DOW 10,510).
Best Regards, J.T. |
