Sunday, March 3, 2013

Going into next week: The Dow 6

Looks like we're still in that broadening formation. Hourly chart below.

www.freestockcharts.com

I'm still looking for a pullback. Maybe we'll get lucky and Dow will break out through the top next week. Looks like the 100 period MA is currently giving some support. That might get tested again before a direction is picked. I'd stay out of the market until this formation clears up, no need to take on the extra risk. I don't think any major buy signals will appear in the Dow until it breaks about 14,250.

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