Dow Jones (11370):
Intermediate trend: Sideways
It was said “balance of power has tilted in favor of the bulls; expect corrective rally towards 11890-11900 if closed above 11544”.
The Dow rallied, as anticipated & achieved 11698, overlapping Mar 08 low of 11691, before sliding back to 11.4k levels. In the near term index will be under pressure as long as trading below the 11.5k levels. On the downside expect a swift down move, but not beyond 11230-11160 area.
In short, expect consolidation between 11.1-11.5k ranges before making another attempt towards 11.8-11.9k region, keeping overall macro level bearish structure intact.
It was said “balance of power has tilted in favor of the bulls; expect corrective rally towards 11890-11900 if closed above 11544”.
The Dow rallied, as anticipated & achieved 11698, overlapping Mar 08 low of 11691, before sliding back to 11.4k levels. In the near term index will be under pressure as long as trading below the 11.5k levels. On the downside expect a swift down move, but not beyond 11230-11160 area.
In short, expect consolidation between 11.1-11.5k ranges before making another attempt towards 11.8-11.9k region, keeping overall macro level bearish structure intact.
