Charlie Brown: “Sometimes I lie awake at night, and ask, 'Where have I gone wrong?' Then a voice says to me, 'This is going to take more than one night.'”On to more serious things.
The Dow Industrial Index was down last night -0.72% - 88 points. Well if you think that's bad it was down nearly an extra 100 points if you got up to check in the middle of the night. Somebody (bodies?) didn't want this to look too bad, and the Index recovered somewhat in the last hour of trading. (See middle chart.)
Whatever, it gave up a lot of the gains of the previous day. Despite the rebound, it still only got to the resistance area set up earlier in the evening.
This market is still in the balance after appearing to be back on the bullish path on Thursday night.
Support and Resistance, short term, are 12060 and 12260.
Those should be breached one way or the other in the very near future.
I've included a chart of the VIX (the Fear Index) which also illustrates the point (pun intended). The VIX is in a neat, small symmetrical triangle. A break either way out of that triangle should be significant.
Which way - I haven't a clue.
The answer lies somewhere in the Middle East and North Aftrica.
Good luck
Red
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