Upper Channel Warning

By: readtheticker | Mon, Apr 7, 2014
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Upper Channel Warning

The Dow Jones is at the upper channel, price may break through as a tease, or as we suspect just roll over.

readtheticker.com site is issuing a market CAUTION.

No matter what the INDU price does, those chasing percentage gains now at these market highs are picking up dimes in front of a bulldozer. A pull back of 10% of more would make readtheticker.com more bullish, as markets have better health when price pulls back and recovers on strong volume. So far a 5% pullback scares the market (and QE the FED) crazy.

The upper channel charts for the INDU.

DOW Weekly Chart
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And the longer channel...WOW, 200 years of data!

DOW Weekly Chart 2
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NOTE: readtheticker.com does allow users to load objects and text on charts, however some annotations are by a free third party image tool named Paint.net

Investing Quote...

"[Point and] figure charts are more valuable than vertical [bar] charts." ~ Richard D Wyckoff

"Money can't buy you happiness but it does bring you a more pleasant form of misery." ~ Spike Milligan

 


 

readtheticker

Author: readtheticker

readtheticker
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We are financial market enthusiasts using methods expressed by the Gann, Hurst and Wyckoff with a few of our own proprietary tools. Readtheticker.com provides online stock and index charts with commentary. We are not brokers, bankers, financial planners, hedge fund traders or investment advisors, we are private investors.

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Source: The Contrarian Take http://blogs.forbes.com/michaelpollaro/
austrian-money-supply/