And Today, the DIA tried to start a leap to the bottom of the channel, where it would ...... "kiss the channel good bye" before tanking again. But alas, it leap into action with terrific speed gapping up large and moving quickly to the 50 SMA, where it promptly stopped and turned tail. Well, at least for the moment. There's always tomorrow~
Volume is pathetic (see daily chart). Yes, better then the anemic half day Friday after Thanksgiving, but none the less anemic even for a Monday. Not the surging volume one looks for at the beginning od a solid move upwards. A look at the 3 day chart gives a better perspective of the pending attempt to reach the bottom of the channel.
To this technician it seems more like a well fed bull who enjoyed the Thanksgiving feast, and having taken a nice rest was in the mood to get out of his chair and run a bit. But only a bit. At best a run to the bottom of the channel. At worst, this turn at the daily 50 SMA is his best effort and the downside run begins again.
It the news again. OMG~ A fiscal pact to sace the day! OMG~ Yes!! Yes!! Goodie, goodie! Of course this is the 50th good rumor we have heard in the last few months. Amazingly there are plenty of rubes in town to clap and smile about more BS.
No changes in the trends. Below are the dialy and 3 day charts.
CURRENT MARKET TRENDS
Long Term (Weekly Chart) – DOWN
Medium Term (3 day chart) – DOWN
Short Term (Daily Chart) – DOWN
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