Dow Jones Approaching Channel Top + Key Level | Oct 29th
Dow Jones – Approaching a Major Channel Top
For the last 5 months, the Dow Jones Index has been inside a 1000 point channel with three touches on the top and bottom. Right now, its parked just below 15700 with the channel top coming in around 15750 and the most recent yearly swing high and key level at 15722. We do have the FOMC meeting tomorrow which is likely to be a bore, so I’ll look to sell around the 15722-15750 area, with a minimum target of 15515 and possibly hold for a much larger move lower to the bottom of the channel around 14750. If this channel holds, there is the potential for a lot of profit should it reject handsomely off this channel top.
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