Yes, HOLD is the operative word here. The previously marked support level held Friday. It needs to hold again this coming week. Granted a little pullback here would not mar the technicals, but why mess with something that's working? LOL
Friday the market hit the support level and bounced back. Yet that damned indecisive candle was formed, a doji. Hopefully it is signaling a return upward to the resistance line. Will support continue to hold Monday? Dunno. I suspect the answer is yes. But the day to day gyrations are only known day to day. The 3 day and weekly charts are still in "UP" mode. We could drop back to the 124 level and still not violate the uptrend. Remember this consolidation is but a small battle in the war of winning~ And we needed this consolidation to eventually move forward.
Regardless, it's hard to envision anything but an "UP" ending to the month of January. And while I hate to "Beat a Dead Horse", but remember the adage, "So goes January, So goes the Year". It looks like it's gonna be a very good year for the bulls!
CURRENT MARKET TRENDS
Short Term (Daily Chart) – Sideways
Medium Term (3 day chart) – UP
Long Term (Weekly Chart) – UP
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