What happened yesterday?
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What happened yesterday? NOT A TON….Appears the Dow reacted to the Fibonacci 61% retracement level at the top of the wedge! “One day a TREND DOES NOT MAKE,” yet on a very short-term basis, I do respect that the bottom of the wedge was broken.
The Dow remains at key resistance levels, not only based upon the 2007 highs (hitting the Fibonacci 61% level) the long-term Dow chart above reflects that the 11,000-11,500 range is key resistance as well (see post here for 20/70-year resistance) .
These levels remain a good place to harvest and then see what happens with price action. Should the Dow break resistance I will follow price with a stop!