Emini Dow Jones: Heading For New Highs?
Jason Sen | Nov 05, 2014 12:51AM ET
E mini Dow Jones' key to this week's direction is of course the all time high at 17365. A very sharp correction in mid October to mid September took 4 weeks. However the unexpected recovery took only 2 weeks. It is simple. Failure to beat important all time highs at 17355/365 this week is very negative and should trigger a move lower towards 17285/280 which was tested yesterday. If we continue lower today look for a test of support at 17225. If this does not hold the downside today look for 17185/80 then excellent support at 17140/130 for a short term buying opportunity, with stops below 17070.
Obviously a break above 17355/365 this week is very positive and is required to eliminate the negative double top pattern that now exists. targets 17440, 17510 then 17580 and perhaps as far as 17679 this week.
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