The 17,000 target on the sell-side, which is the 4th consecutive 100-scalar point on the Dow, still remains a viable number for shorts. Based on the following chart, the probability of it happening, compared to other scalar points (17,200 and above) which have been retraced, is high - a 10 to 5 odds (with 1 being the 17,400 target which happened at the end of January). A quick fibo look (with regards to the attached chart) also places the 17,000 target around the 50% range. Another suspense from the industrials indeed. But this time, with the Apple (NASDAQ:AAPL) connection. SEE CHART HERE.
Disclosure: The author is long DOG, DXD.
Additional disclosure: Short Dow 30 is a hedge from a basket of stocks owned by the author. Any questions and inquiries, please send an email to firstname.lastname@example.org