What a market? The VIX is over 31+? Volatility is back in the market. This is a day trader’s market right now. The trends only exist in the lower times (less then Daily). On the daily and weekly chart, some of the trends are now just starting to develop. They are NOT mature as of yet.
Below is the chart of the INDU. I have drawn some Gann Lines along with some support lines. It seems like we are going to go lower and then bounce. Right now, there is going to be a lot of resistance in going completely bearish. Unit, we close below 12,100, we do not have a good trend. This value may change but right now, that is the value where a bearish trend could develop.
The chart formation at this time, shows that this may be a major pull back. Only time will tell. We will not be placing a trade at this time since we really do not see a trend.
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