The DOW is on its fifth sideways day with a top of 12.929 which is not enough to qualify for an attack on the 2007 top. Right now it looks like this was the final top.
The rising 8 days MA at 12.825.1 is currently holding. The 2 hour trend is down, now at 12.831.2 with main resistance at 12.839.2. Thursday's close was the highest at 12.889.7.
Taken together this situation 120 minutes after Europe opened, points to a test of resistance at 12.839.2 which is crucial for the DOW to get above on the 2 hour chart. If that fails the downtrend will continue which could be the beginning of a trend change down. How this situation is played out might have big importance for the next week.
The rising 8 days MA at 12.825.1 is currently holding. The 2 hour trend is down, now at 12.831.2 with main resistance at 12.839.2. Thursday's close was the highest at 12.889.7.
Taken together this situation 120 minutes after Europe opened, points to a test of resistance at 12.839.2 which is crucial for the DOW to get above on the 2 hour chart. If that fails the downtrend will continue which could be the beginning of a trend change down. How this situation is played out might have big importance for the next week.
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