Price Action Setup - Dow Consolidates with Overlapping Bars | Sept. 24th

overlapping bars price action trading sept 24th

Dow Index
After the QEinfinite nod from Bernanke, the Dow broke the yearly highs and went on a 350pt run in a few days.  But over the last six, the index has been consolidating forming a series of overlapping bars, playing ping pong off the 13495 and 13653 levels.  This consolidation makes sense after the bullish ebullience from the Fed easing policy and thus natural to form some re-distribution of the order flow.

Although i’m not sure how much longer this range will hold, as long as the intraday price action looks corrective, there are plays for both bulls and bears at the key levels.  Medium term I favor an upside break, but since it is in a range, you …

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