The passing trading week was basically a consolidation week, extending its own range to the upside and the downside in a Megaphone pattern manner. Finally the Weekly bar closed as an inside bar.
Taking out the Monthly High at 21010 is a bullish trigger to reach the level of 21250, at the Weekly upper Bollinger band, which is a new all time High.
By most chances, taking out the Monthly High means also that the current reaction the market has been dealing with for the last 2 months – might be over.
The next major target is quite far, and it is the Quarterly Spring of the last Quarter of 2016 (US elections) pointing at the 22400 level area as its target.
For bearish ideas, currently there isn’t any weakness that would justify it. First, the coming Weekly bar should close as a false thrust up, closing bearish inside the Weekly range.
Dow Futures: Daily, Weekly and Monthly charts (at the courtesy of prorealtime.com)
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