Market Updates

Market Update 01-29-17

Well, January is coming to a close, the Dow topped 20,000 and politics are basically insane right now!

But honestly, all I care about are the charts — what do they look like?  What’s the trend?  And how should we be trading?

So — let’s check them out.

HOURLY

As you can see — we’ve broken out of January’s chop and slop and above prior resistance at the $227 level.  We’re well above the 50 hour moving average and this is great for short term traders.

We pulled back a little on Friday, but nothing major.

Direction: UP!

DAILY

All looking good on the daily chart as well!  We left behind the 220 level resistance in November and haven’t really looked back since then.

Above the 50 and above the 10 on the daily.

Looking good for longs!

Direction: UP

WEEKLY

The major point of resistance on the weekly chart was the 213 level.  Once we cleared that we were into new 52 week high territory and looking strong.

Looking good.

Direction: UP!

CONCLUSION

As you can see — the market is looking strong — the trend direction is up on all three timeframes — and I for one will be looking for longs in the week ahead.

Good luck out there!

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