In short, if 10, 553 breaks, then that's it, for now at least. But 10,566 has held, so the 10,754 is very much in play.
My work suggests that if DOW can hold 10,553 and then hurdle over 10,677, then 10,754 could easily follow. Today, we say declines, but "technically" all that happened was a decline to support. And support held.
The daily canlde for the Dow certainly has bearish overtones. However, my work suggests some whipsaw in the DOW, and if support holds (which it has), then there should be a test of the 10,677. And that could put us on the way to 10,754.
Now, the QQQQ is a different story, and has been more bearish lately. Charts also suggest whipsaw in the QQQQ, with a smaller move higher on any bounce tomorrow.
This could go either way. I have a short signal in the QQQQ and a long signal in the DOW.
If/ when we get to 10,754, my view remains the same. Just one person's viewpoint, of course....
More details at December 19, 2009 post:
http://christopherstockguy.blogspot.com/2009/12/dow-10754-resistance.html
http://christopherstockguy.blogspot.com/2010/01/dow-10754-still-key-number.html
* ChristopherStockGuy is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. For details, see the post from SATURDAY, AUGUST 15, 2009 titled "Disclaimer".
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