DOW update: is a bull flag forming too?

Last week we showed the potential bull flag that is forming on the NAZ and NDX, and this week nothing has happened that would change our mind to re-assess this pattern. Instead we now also find this pattern on the DOW. If correct, the pattern is about to complete and it should target $19,100. That’s 12% upside from current levels. For the SPX that would mean a target of $2230s. The bull flag pattern we identified on the “techies” last week targets ~20% gains in the coming months, which translated to SPX 2400. Hence, let us be conservative and set our aim for SPX 2230s first. BUT, now it is time for the bulls to step up to the plate the coming days and show they mean serious business, as there’s not much wiggle room left. That’s all for now.

dow bull flag

2 thoughts on “DOW update: is a bull flag forming too?

  1. Pingback: Market update: make or break week ahead? | INTELLIGENT INVESTING

  2. Pingback: S&P 500 update: assessing the state of the market without looking at price | INTELLIGENT INVESTING

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s