Last night, Dow posted a +123 points rise, outstripping the previous day’s horrific slaughter of the market. Horrific because it was the first time Dow lost more than 100 points in a day in this year. But it is back above those levels again. I decided to look at its weekly chart to have a better clue of which direction it is heading and if the uptrend is in question as its erratic behaviour over the last 2 days have made me wanted to find out more.
It is clearly showing higher highs and higher lows, plus a strong support line at 12570. The trend is going up and approaching 13000 mark but of course, the trend does seem to show a slowdown. Volumes have been steadily declining so would not suggest making any market entry at this point in time unless Friday’s market is equally stellar. Still lots of …