DOW is breaking out of the ALL TIME HIGH and a large distribution area. with all the "positive" news between DOW and DD, wait for the pull back and A LONGER TERM buy would likely be most appropriate.
DOW broke out 17-month triangle last week and today confirmed break with test of the trendline. Decisive weekly close above 2005&2015 all time highs would clear way to strong multidecade breakout. First support at 55.00. Anticipatory long in today at 55.35. Will add if all time high cleared. SL weekly close below triangle. Have a look also at the weekly chart.
I was watching this on Friday for a bearish swing trade off of resistance. Put it on the list this morning to watch as a day trade. It's got good edge.
Ticker : DOW Direction : SHORT Entry Price : 51.36 Current Price : 51.36 Description of Chart : After being in a wide range of the 40.00 - 53.00 area since the end of 2013 I feel we have hit a top again. If you look at action on the bollinger band you will see each time it looks like the centre line is about to cross over the 50MA (RED), each time it has done...