Here you see a chart of DIA or basically, The Dow Jones Industrial Average. As you can see we need to bust through this line at 126.50 before we can feel more comfortable. In fact, I believe that once we close above this line by a decent amount that we won't come back below it for a long time. My gut feeling is that the worst that will happen is we move sideways for a while. But, I never recommend trading on gut feeling alone. Save most of your money for after the breakout.
What do you think?
2 comments:
I've been following this level for some time as well. It will likely be a significant event when the market can overcome it.
The SPY level is just beneath $140.00. It's fascinating how these levels have both served as support and resistance so many times recently.
Good to see you back to blogging!
Corey...great to be back. I hope I can stay active with such a busy schedule. The market will bust up thru this level eventually. The question is when? But you're right, it's going to be a huge deal. I can only imagine the spread on option prices the day it does. I've learned more and more the benefits of dollar cost averaging. I just keep buying small pieces of the S&P week after week. I'm confident that I'll win the long term battle. Have an awesome week!
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