We don’t like what we are seeing right now and it appears we may be headed for a significant correction.
The ST 20-Day trend has rolled over and is crossing the 50-Day MA on the way down. This is called a Bear Cross is, obviously, a bearish sign.
We are also bumping up against LT resistance on both the Weekly and Monthly Trends which are both still leaning bearish.
We see possible downside risk to ~9,000 on the DOW if we don’t break back above the reisdent resistance just above current levels. Everyone check out the Daily, Weekly & Monthly trends and evaluate whether or not you agree or dissent.
