It is always good from time to time to step back and take a look at the weekly charts.
Taking a look at The Dow Weekly Chart below and keeping analysis very simple, we can see 3 interesting things.
1) We are in a solidified uptrend longer term. There is no doubt about it. When you see a chart go from the [ bottom left to the top right ] it means you are in a "BULLISH MARKET" not a bearish market as some bears out there are yelling and screaming right now.
2) The Dips on the market in the last few years only seem to last several weeks, and then we simply resume back to the upside and see higher prices.
3) The dow has been in a massive upwards channel and it has broken out to the upside, the resistance on the top of this channel now seems to be holding as SUPPORT.
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| dow weekly chart |
Make no mistake about it, the market is still doing well. The bulls have been winning overall on this weekly chart, and is suggesting that longer term we are more likely to see higher prices come on the market.
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