As expected, Dow Jones Industrial pulled back. Let’s see if the support holds.
DOW Jones Industral Average pulls back a little. I expect that we may see a pullback around 10730. If you are bullish, it may be an opportunity to get on this rally at the year end.
How much will the market continue to rally? All major markets are quite extended after going straight up for almost two months.
It’s quite possible that it continues to move up, but I would sell into the strength to take some profits.
Market at glance:
Best performing sectors from last three months are Gold & Silver and Broker & Dealers, followed by Dow Jones Industrial and Russell 2000.
DJIA – Dow Jones Industrial
DJUA – Dow Jones Utilities
DJTA – Dow Jones Transport
SP500 – S&P 500
NASDAQ – NASDAQ Composite
RUT – Russell 2000
XCI – Technology
IIX – Internet
XBD – Broker & Dealers
XOI – Oil & Gas
XAU – Gold & Silver
The long doji indicated that market didn’t make up mind yet on where to go next. We need some push to break the overhead resistence.