By Robin Hood Trader
The first resistance target is 8340-8405. If the DOW successfully breaks through that level, with better than average volume and it stays above that area for at least two trading sessions, then chances are we will be heading to 9000. If the DOW moves through 8400, it is likely to retest 8400 as new support before moving up. It is very unlikely that the DOW will break support at 7900. Robin says we’re going up.
We are at a confluence of resistance with the first challenge at 878 and then a host of congestion from December. If we break through 878 on volume, we will likely continue up to 944. If the SPX successfully moves through 878, it will most probably come back down to 878 briefly to retest old resistance which then becomes new support before starting move up to 944. We have solid support at 800 and it is my opinion that we are not going to break it any time soon. Robin says we’re going up.
Next stop is 1666!!
