• 1,015 days Will The ECB Continue To Hike Rates?
  • 1,015 days Forbes: Aramco Remains Largest Company In The Middle East
  • 1,017 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,417 days Could Crypto Overtake Traditional Investment?
  • 1,421 days Americans Still Quitting Jobs At Record Pace
  • 1,423 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,426 days Is The Dollar Too Strong?
  • 1,427 days Big Tech Disappoints Investors on Earnings Calls
  • 1,428 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,429 days China Is Quietly Trying To Distance Itself From Russia
  • 1,430 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,434 days Crypto Investors Won Big In 2021
  • 1,434 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,435 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,437 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,437 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,441 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,441 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,442 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,444 days Are NFTs About To Take Over Gaming?
Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

Trade In Counterfeit Goods Hits Half A Trillion Dollars

Trade In Counterfeit Goods Hits Half A Trillion Dollars

The counterfeit market has breached…

Strong U.S. Dollar Weighs On Blue Chip Earnings

Strong U.S. Dollar Weighs On Blue Chip Earnings

Earnings season is well underway,…

  1. Home
  2. Markets
  3. Other

Do We Have More Upside in the Bounce?

On February 5th, the markets put in a Dragonfly Doji, a one day bullish candlestick indicating the markets were looking to bounce.

Friday the 12th, the markets put in another bullish one day candlestick, a Hammer. This hinted to more upside and that's what we got the following week.

Here we are 2 weeks later and the markets have put in another Hammer candlestick.

Today's Hammer would indicate further upside in the bounce started on February 5th. If so, the next resistance level is about 10,500 on the DOW. That's where we have a confluence of resistance (The daily upper Bollinger Band, rising trend line off minor peaks, and prior lateral peaks).

If the market is going to continue the "Big Correction" like many Elliot Wave analysts have labeled, the markets should roll over soon, now or maybe after testing 10,500 and then failing.

 

Back to homepage

Leave a comment

Leave a comment