Pressure building for the DOW!

August 28, 2006 by Daniel Beatty 

OK on the DOW, we had a bounce off the up trending support line on Friday and today. Now with the large gain today we are fast approaching the less angled line of resistance. We are still being squeezed into this Rising Wedge pattern. It is a Bearish sign and with the worst months typically coming up I would hold trades until confirmation of a direction. A break above 11,450 and maintaining there. Or a break below 11,225 and staying there, which is more likely since this is a bearish pattern.

DJIA828

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