Further to my post of January 20th, the Dow 30 has finally made its "touchdown" as it hit 12800 last Thursday...this play is now complete.
The next play has yet to become clear, as price failed to hold above this level, as shown on the updated Daily chart below. Therefore, 12800 is still resistance and support is 12600. However, it is still in uptrend on this timeframe, so current momentum is with the bulls. Additionally, price has closed and held, so far, above the downtrending green line, which is taken from its 2007 high...since this trendline sits around 12600 now, I'd say that this level has become increasingly important for the bulls to maintain as support from this point, if they're going to launch an all-out rally in the coming days.
This conclusion is in keeping with the observations made in my posts on January 27th and January 28th.
One to watch!
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