Looking at the chart you can see we have formed a massive head and shoulders pattern on the D chart. It is scarily similar to H&S formations of past which have signified massive downturns and long term bear markets.
On the bright side, we have had a recent bullish indication when we saw support on the previously broken trend line (see the green circle). As you can see it has major resistance right above our current mark. If there is a break through that resistance in the coming days we could see the DOW continue to push higher.
HOWEVER,
I am still heavily in the bearish state of mind and fully expect a downturn very soon. I will say though, before I jump in with both feet I will wait until I have clearer confirmations of which way this market is headed.
On the bright side, we have had a recent bullish indication when we saw support on the previously broken trend line (see the green circle). As you can see it has major resistance right above our current mark. If there is a break through that resistance in the coming days we could see the DOW continue to push higher.
HOWEVER,
I am still heavily in the bearish state of mind and fully expect a downturn very soon. I will say though, before I jump in with both feet I will wait until I have clearer confirmations of which way this market is headed.