So much for that one-day rally yesterday. Monday’s 10,809 closing level did not even hold. As I indicated earlier today, that level is significant. A more significant level is the inter-day low of Monday at 10,650. If the 10,650 level was to be taken out (See the following chart.), that would generate another “bearish signal.” Please be mindful of that level over the next few days.
I still would not be surprised to see an 8-9% rally from these levels, which would bring the Dow to the 200-day EMA. However, saying that, 10,650 on the Dow must not be taken out.
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