All major indices rally yesterday.
Just last week, I posted a Weekly Chart reading on DOW.
In the post, Ichimoku identified 8011 as possible resistant levels.
Here, I am going to show how it shows up on the Daily Chart.
Firstly, noticed how the Weekly Chart resistant translate to the kumo resistant on the Â Daily Chart?
On the daily, candle has pierce through 7942 resistant.
At this moment, the kumo still has not twist to show that a convincing upward trend has started.
However, we do have a signal from Tenkan sen crossing Kijun sen.
We may see DOW retracing a bit after such a great run. And it may trade inside the kumo; a trendless state.
The blue arrows are there to highlight the resistant from Chikou Span on the Daily chart. And yesterday’s close has pierce through it a bit.Â
The great thing we can see here is DOW has recaptured the lost ground in the Feb selloff.
8011 continue to be a level that I will be monitoring closely.
I have also close off my short positions and started placing small probes on some long counters.