Dow Jones Swing Study

Although I feel the recent really will ultimately turn out to be a bear trap, the intermediate trend is up. I used the swing lows to draw an upward trending support line. The past three days we have been trading right around the recent swing high of 9050, which could act as resistance. If we break through that level we could rally up to resistance of 9650. 8500 would be a possible level of support if we fail to break through current resistance. A break below the most recent swing low could signal the market is ready to resume it's downward trend.

Dow Jones Industrial Average