Twitter Post

This is what I said on my Twitter account (twitter.com/debauche) last Wednesday, November 23, "$INDU should bounce back (Bear Rally) to 11,600 from these very oversold levels."  And, sure enough, the market came back from Thanksgiving with a bang.  Main reasons are, as indicted on Twitter, oversold levels and seasonality.   (See the following chart.)  Today, the high on the $INDU was 11,624 but closed at 11,556.  Can it go higher?  Of course, it can.  However, the 200-day EMA now stands at 11,693, which is the new resistance level.  Saying all this, the fact is still that the long-term of the market is still down.