Going into next week: The Dow 3

Last week saw the Dow stagnate and ultimately close under 14,000 at 13,992. Daily chart below.

www.freestockcharts.com

Price is holding above the top of the formation I identified two weeks ago. It looks like there is some resistance to the 14,000 mark. If the Dow can break that then it might be able to hit 14,200, which is the next major resistance point. Price action could still fall below the top of the formation; currently 13,850. A fall below that point could lead to a fall down to 13,330 (above the 100 day) or 12,900ish (bottom of the formation). A fall below the top wouldn't necessarily mean a move back down to the bottom however, price could get caught in the river, 13,600, and bounce back
I think the most likely outcome is a bounce off the top of the formation and a test of the 14,200 mark. That probably won't happen next week however. Next week I'm looking for the Dow to bounce and possibly break its high of 14,027. A failure to break that high could signal coming weakness in the market but would not be a major sell signal in itself. As always I'm going into next week with cautious optimism.