Other Markets In Dow Points
Russell 2000: Down >400 Dow Points
Transports: Down >400 Dow Points
- Platinum down 5% almost 735 dow points
- Palladium down 6% almost 885 dow points
Russell 2000: Down >400 Dow Points
Transports: Down >400 Dow Points
Richard Donchian’s Trading Rules
As of 2:45pm EST on Thursday, July 22, 2010 all the major averages are trading above their respective two month downward trendlines and their 50 DMA lines. However, it is a bit disconcerting to see volume recede as the market moves higher. This is the exact opposite of what one would like to see when the major averages rally above resistance. It is also important to note that the major averages are rallying up to an area where they encountered resistance several times in recent weeks and they are still below their longer term 200 DMA lines. That said, we can not argue with the tape and the bulls deserve the bullish benefit of the doubt until this “breakout” is negated. Trade accordingly.
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