The DJIA fell today right to the middle of the consolidation phase that it had formed. If the Dow breaks either of the trendlines then it could continue for a while. The most likely way for the trend to go will be up since typically the breakout will continue the way the previous trend had been. The stochs were showing overbought on low volume so the downturn was not unexpected.
Ditto for the S&P
The Nasdaq pulled back from the solid trend. Look for the June high to be resistance around 2630. A couple more days of pull backs and we should see the stochs being oversold and a turn again.
The Russell has shown a very solid rectangle forming. It may have a very slight down channel with it. It did not go above 855. To bet off of this formation, an individual should set up a sell at 820 and a buy order at 855. The targets would be 890 or 785. Based upon a rectangle breakout.
Ditto for the S&P
The Nasdaq pulled back from the solid trend. Look for the June high to be resistance around 2630. A couple more days of pull backs and we should see the stochs being oversold and a turn again.
The Russell has shown a very solid rectangle forming. It may have a very slight down channel with it. It did not go above 855. To bet off of this formation, an individual should set up a sell at 820 and a buy order at 855. The targets would be 890 or 785. Based upon a rectangle breakout.
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