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28 Aug 2014
Dow may see profit taking ahead 3 day weekend - 2ndSkies
FXStreet (Bali) - Chris Capre, Founder at 2ndSkies, notes that the Dow Jones printed an insider bar at highs, communicating some profit-taking/mild pullback might loom.
Key Quotes
"With the US having a 3 day weekend coming up from the Monday Labor Day, I'm expecting volumes to thin out for the rest of the week, especially on the US indices. Today the major US index formed an inside bar at the highs, and intra-day charts are hinting at a small reprieve, or perhaps some profit-taking/mild pullback for now."
"If the price action breaks above Monday's high, then intra-day bulls will likely jump in thinking the bull trend marches on. However, if Monday's low gets taken out, then we'll likely seem some profit taking from the medium term bulls, with a pullback initially testing 17,000 before pausing."
Key Quotes
"With the US having a 3 day weekend coming up from the Monday Labor Day, I'm expecting volumes to thin out for the rest of the week, especially on the US indices. Today the major US index formed an inside bar at the highs, and intra-day charts are hinting at a small reprieve, or perhaps some profit-taking/mild pullback for now."
"If the price action breaks above Monday's high, then intra-day bulls will likely jump in thinking the bull trend marches on. However, if Monday's low gets taken out, then we'll likely seem some profit taking from the medium term bulls, with a pullback initially testing 17,000 before pausing."