Week of Feb. 10th, 2014:
A Potential Pivot Point for the Stock Market
The present retracement in the stock market has reached an important pivot price point.
The chart to the left shows the present pivot price point of interest for the stock market.
The recent down slide in price remains intact until we cross certain price thresholds.
The red downward triangle is pointing to the critical price level to watch for the DJIA.
Should prices rise rapidly above the present price level, I’d consider the downswing to be completed and a renewal a new upswing to be underway.
In addition, on a daily basis, WD Gann timing techniques favor this day as a top with another turn point 3 days into the future to watch.
Have a great week ahead. – George
Week of Jan. 13th, 2014:
The Dow Jones Stock Index This Week . . .
Where are we in the Stock Market this week?
As we’re presently pulling back some from the recent top, we find ourselves poised between the two price areas shown on this chart with the green and red horizontal lines.
The green line at the top shows a strong price resistance point at the 16,500 right now. It will take a little pause and pullback in price to ready the market momentum for a new surge upwards to break through the green line price level.
On the other hand, the market itself has a strong support price area at work at the 16,000 price area as shown by the lower red line below present prices. It’s entirely possible that prices may decline this week, however, they’re likely to stay above the support area while doing it. – George