Suggests that last week's run isn't over yet
Last week's bullish turn created a weekly bullish Pinbar in $SPX that closed above its 200 SMA line again. The Dow completed a bullish Gartley pattern and rallied from the PRZ.
The chart shows the pattern's target levels - 176$ and 179$ - and between them, the major resistance zone near 178$ that includes the broken 200 SMA line which now is a major resistance line.
As long as $DIA's price stays above 170$, this bullish pattern is valid and therefore this bullish scenario.
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The chart shows the pattern's target levels - 176$ and 179$ - and between them, the major resistance zone near 178$ that includes the broken 200 SMA line which now is a major resistance line.
As long as $DIA's price stays above 170$, this bullish pattern is valid and therefore this bullish scenario.
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews - goo.gl/jwBPQe
To subscribe to the newsletters - goo.gl/HXjCPV