Two Days in a Row?
Not likely… according to me. Obviously I can be totally wrong, but I don’t care. By looking at a couple different time frames of the industrial average ($INDU), I came to some conclusions:
One Month
The day started out great and ended pretty good, but as you can see it bounced off a level of resistance. Sure it could push back up, but it could also come back down to around 12,400.
5 Days
A closer look of that resistance it bounced off of and the new support it created, within this time frame at least.
1 Day
An even closer looks, shows the downward trend here to look somewhat bullish. At the same time it could very easily drop below the resistance.
Conclusion
When you can profit so greatly off a day like today, there is no rush to create your own opportunity. So let the trades just come to you. If the market does end downward, then continue to look for great buys. It truly is a great market if you stay disciplined.
Great article. I was hoping we’d end the day stronger though, past 1356 on the S&P…we didn’t get that though, oh well.
yeah we will see how things pan out today.
Hey those are really pretty graphs. What program do you use for those stock charts?
it is the free streaming program with an account at tdAmeritrade