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.
And the longer channel...WOW, 200 years of data!
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
"[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