Near Term Trend: Positive
Friday’s Close: 2164.69 (- 12.49)
Three weeks ago as the Index had just peaked and then started to retrace, our theme was; “Old resistance at 2121.00 may act as new support (see chart), but I doubt it will”.
Thus far support at 2121.00 has held in text book fashion (keep in mind, 2121.00 is my proprietary support / resistance line which has been in place for five months).
October is traditionally a month the Equity markets retrace- let’s see.