Market Analysis - We could see a short pullback before resuming to the upside
What an amazingly nice ride on the markets! I’m satisfied with the push. I’m taking some profits of the table right now as I think we could see a "short term" consolidation over the next few days.
1) The Dow Jones has touched the 200dma - people usually get nervous around there and is a tug-of-war sometimes…
2) We are also getting closer to the upper channel and above the uppers bands - that usually calls for a pullback
3) The 13,000 level was crossed and is also a psychological factor
This chart shows the bands and the Dow Jones just went above it…it could not stop here but it normally doesn’t go too far up once reaches this stage.
Good Luck to you.
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