This week saw the end of a 10 day corrective move lower which penetrated the most recent, and 2 previous trendlines, but which found suppoort at the level of a previous low of 4275.
The relieving rally of the past two days culminated in a high today of 4358, but end of week selling resulted in the index falling back to be 4328.5 at the close.
Long only investors can breath a sigh of relief that support emerged before the trend was threatened with a lower low. The risk of trend reversal will be further relieved if the rally continues into next week, and another new high is reached.
Categories: Trading opinion