DOW UPDATE: DOW closed at DOW 10,995 after hitting intraday low of DOW 10,976 and testing the middle of this support band MITA established this morning:
...<Test of SPX 1,395-1,400 is not out of line. DOW 10,960 - 10,980>...
Tomorrow, if we get additional selling, it is possible we could take out DOW 10,960 which could then take us to this DOW 10,880 support. This is an earlier support that BULLS have defended successfully several times. If we slice thru this, then DOW 10,720 is next. As a sidenote, I still carry insurance with Dec DJX puts.
On the Upside, in anticipation of our beloved turkey seasonality, DOW 11,050 is resistance and first hurdle. If Banks/Financials come out to play with MSFT watch out - DOW 11,150 intraday is not out of question.
Here's to Turkey Seasonality...
Best Regards, J.T. |
