Just a quick chart before moving along with my Sunday. This one of the $INDU
Try to look at this chart objectively (that is, outside the context of what's happened over the past year). Ask yourself: given this chart, are the odds better that it'll be higher in a month or lower in a month?
Momentum is clearly on the bulls' side, but a few advantages the bears have at this point are: (a) a very substantial cluster of overhead supply up to 9,000 (b) being on the wrong side of the tracks of that fan line (c) coming up along the underside of that retracement line, whose basis dates back to 1974.
Have a good Mother's Day; see you in the morning.
