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Price Action – Dow Jones Attempting an Upside Break | Nov. 26th
Dow Jones Index
Bouncing over 500pts off the Nov. 16th lows, the Dow Jones has been aggressively attacking the upside. Last week it stopped right at the big figure at 13000. Although sold off for most of today, the pullback is corrective in nature, and the bounce off 12900 has virtually taken out the last 12hrs of selling, communicating the buyers likely making another attack on the 13000 level.
I’m expecting this level to break and offer a breakout pullback setup to get long. Only a strong price action reversal signal here would change my short term bullish bias. Bears can watch for clues at this level, or wait till 13250 before attempting to short the index.
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