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Dow Jones Industrial Average: Evening Report

  • There is a head and shoulders formation forming on the one hour chart of the DJIA futures contract. The pattern, if completed, suggest a minimum profit objective of 12,000, the upper portion of the rectangle that is forming on the daily chart. The H&S formation isn't a high quality H&S formation.  
  • The market is around the flat line today, Greece hasn't officially defaulted yet and neither has Italy.
  • The Nasdaq and the S&P 500 both broke out to the downside of the area formations on the daily chart. The DJIA is probably going to be the next to drop.
  • I expect an impulse wave at some point next week, either on Monday or Tuesday. This week closed strongly bearishly, the monthly bar hasn't produced much in the way of action, yet.  
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