Midweek: The Dow 4

The Dow almost broke out today, ultimately though it turned down and I believe it is now headed for the 13,750 level. Hourly chart below.

www.freestockcharts.com

The movement today provides a good example as to why you should always wait for the closing price rather than jumping in trying to catch a move.
I circled the pseudo-break. As you can see it reacted fairly violently to the break. It might catch on the mess of MAs just underneath it but I think it will end up falling below them. Right now I'm calling 13,750 as the bottom for this move down, assuming it doesn't breakout to the downside. If we're lucky it'll bounce off the 100 hour and break through the top for real. Until then it's a waiting game.