A clear analysis on US30 and next opportunities
The blue-chip Dow Jones Industrial Average charged higher on the open to further upend the head-and-shoulders pattern that we triggered back on December 15th, but ultimately closed back below the ‘neckline’ around 33,500 by the close. The reversal ‘false break reversal’ pattern was even more consequence for the S&P 500 which opened the week to a gap higher that cleared the midpoint of the August to October bear leg at 3,909. Yet, sharp reversal intraday would pull us right back below that technical threshold and leave us with the largest ‘upper wick’ since November 2nd
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