Dow Jones Sell Trade Profits +150 Points | Oct. 31
Dow Jones Index – Hit Resistance Sell Zone, and Drops Heavy
On Tuesday this week we recommended a sell trade on the Dow Jones between 15722 and 15750, which was a key resistance zone. The high on the day was 15737, so nicely packed inside our sell zone. Many of our price action students profited from this trade so hopefully you did the same as this was one of those trades where you could capture a lot of profit with a small stop.
For now, the wide channel I discussed two days ago remains in effect. It should be known the second day of follow up selling has been some what muted, but intraday rallies were sold heavily, so clearly sellers are happy to short below the channel top. Anyone not already short can look for pullbacks towards 15650. Only a daily close above 15775 would negate my short term bearish bias for a move lower, minimally towards 15425 before encountering any buyers.
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