DOW UPDATE: We have now had three closing days above important "old resistance DOW 11,050" which is now minimum support level. We closed today (Tuesday) at DOW 11,107, after Friday's monster day DOW 11,286 close and Monday's DOW 11,225 close.
On Friday, after the market friendly employment numbers, we put out "morning" new minimum DOW upside target of DOW 11,550 if BKX closed above BKX 848 and this did not happen. It is amazing how correlation of indices and resistance parameters become brick wall of escape clause that only agent "007" would be proud of (and professor too).<g>
The Backtest in MITA :
...<New minimum upside target is DOW 11,550. DOW 12,000 will now be the street buzz number so if today's rally holds firm , BKX closes above BKX 848 and Bond Yields finish up at least 24 ticks - DOW 11,900 should be within reach before year end. Let us wait for closing numbers>...
And the closing numbers have spoken...BKX closed at BKX 845.79on Friday after intraday high of BKX 859. Monday's close was BKX 809.38 followed by Tuesday BKX 792.99. What a collapse...
DOW resistance for me is now DOW 11,220 and resistance is DOW 11,020 underneath DOW 11,050 prior "wall".
Best Regards, J.T.
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