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Dow Jones Wide Channel Top Holds | Nov 7th
Dow Jones Index – Channel Top Rejects For +230 Points
The large channel top we’ve been talking about for two weeks now, and also provided us with many profitable setups, has once again rejected the upside. This time though, the index formed a large bearish engulfing bar shaving off over 230 points from the highs. Although the index is moving up slightly in asia, I suspect any rallies will be sold. Intraday levels to short would be 15715 for a move lower. Downside targets would be 15530 and 15375. Until there is a close above the channel top, we’ll remain bearish.
NOTE: The NFP is tomorrow, so caution is advised, particularly with intraday positions just before the announcement.
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