Stocks snapped a three-day losing streak Thursday, with the S&P 500 finishing just below the 1,700 mark, buoyed by stronger-than-expected Chinese trade data and following a favorable jobless claims report.
Right now there are alot of analysts saying this market is strong... however if we look at the DOW JONES chart, I would not be calling this chart strong at all.
First of all we have been travelling sideways for weeks now.
Second, we are in summer trading and volume is very light making the action quite volative.
Lastly, as a whole the last few weeks could be nothing more than a nice HEAD AND SHOULDERS pattern, which would be a warning for people NOT to be too bullish for now.
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| dow jones daily chart |
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