9:35 PM
So the talking heads would have you believe. And......Maybe. But volume is declining, drying up on this 3 day "rally". With declining volume comes fewer buyers and soon......no buyers, just sellers! It just looks like the classic move up only to turn tail and run for cover later. Just needs a news catalyst. The high today just happened to be at the 500 SMA. Above that is the 50 SMA @ Dow 11,250 and then the old Bear Flag Resistance line slightly above that.
So keep an eye out for the payroll report and rumors from Europe. And remember that Yom Kippur begins sunset October 7th. (See Oct 1st Column).
In the meantime no changes in the trend table, just as there have not been any real concrete changes in the situation in Europe. I know, we keep hearing that things are "getting there", but will the train ever arrive?
Below are the Daily and the 3 Day chart of the DIA. Please note on the 3 day chart I changed the Fibanocci Retracements to the 2010 Low and 2011 High rather than using the 2009 Low. Just for a change in perspective. Enjoy~
CURRENT MARKET TRENDS
Long Term (Weekly Chart) - Down
Medium Term (3 day chart) - Down
Short Term (Daily Chart) – Up
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