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As you can see there is a bit of overhead resistance, looks like it's been forming since July 2011. Recent price action validated that resistance so it's now something to watch out for. I don't think we'll break it on this move, I'm looking for a pullback. Currently 14,060 seems to be the point we need to close above to break out. For support I'm seeing the river, 13,800-13,700, the 100 day, 13,360, and maybe the bottom trend line, 12,700. I think we'll catch on the river or the 100 day, my price target is 13,600 but I'm not so sure on that that I'd trade it. In any case, expect further weakness in the market until the pullback completes. Now looks like a good time to take some profit.
If you have a stock you want analyzed leave it in the comments.
Do your own research before taking any position. I don't have a position in the DJ-30 nor will I be taking one in the next 72 hours.
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