Today was Shortsale day. Yesterday was SELL day and the closing was weak, thus it was NOT EXPECTED to see it testing yesterday's highs of 11030.
But DOW defied expectations, as the markets will always do, being independent from analysts.
It reached 11030 in the first 10 minutes, setting a very bullish tone.
Our system signalled Long entry, later confirming the move as a 5 Star trending move. All we had to do was place a break-even oreder and follow the trend, placing trailing stops at Super Trend support line.
Another Long entry above 11060 pushing the prices to 11130+.
This kind of shortsale day rally is a very bullish behaviour. We can 'expect' the market to go even higher in the coming days.
But, 'expectations' are not trading signals. We must follow the system.
Let's give ourselves a little bit of stress free trading environment.
Tomorrow = BUY day
CCI is set for a bull run as long as slow MACCI line is above 100 line.
Any dip should be bought into.
Daily chart
This 11,130 is 50-day EMA. Will it break out? But 50-day SMA is at 11,208, so some more room for the upside.
Daily chart reading says it can go higher but bearish pressure is still following it as it looks like it will meet resistance at high prices.
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