Last week, I wrote about the 1,000-point triangle pattern in the Dow Jones Industrial Average, which finally went into full “breakout mode” late in the week. The S&P 500 Index (SPX) is getting the initial break through the top of its triangle, too, which forecasts a move back to 1,200…but it might need a little help from the $VIX.
Barrick Gold Corp. ($ABX) has traded sideways after topping out at major resistance at $47.25 in June. After a recent decline from resistance, $ABX could be ready for another decline – and I’ve got three reasons why!
The market is clearly winding up for a major breakout opportunity, as evidenced by the 1,000 point triangle that’s building out in the $DJI. I’ve got three stocks to watch that are poised to move once direction is decided.
The Dow Jones Industrial Average has experienced a wide range of price movement over the last two months of trading. However, the index now seems to be coiling up for a major breakout that could pave the way for a 1,000 point move. Here’s why..
The ES played extremely well off our Action Levels yesterday, as two decent sell opportunties led to moves of 12 and 9 points. Given yesterday’s relatively quiet trading day, we could see another explosive breakout/trend day upon us. Let’s take a look at the levels to watch for today’s trading.
