The Dow Jones Industrial Average again pushed above 13,000 intra day. This is the third time in the last week it has happened, yet each time the market has pulled back into the 4PM ET close. The big question is being asked, is the third time the charm for the Dow? In terms of understanding proprietary counts and levels, today is very important. Should the markets close back below that level it could actually mean a pull back is coming instead of further upside. Stay tuned and pay close attention.
This same action is occurring on the S&P 500. The pivot high on the tracking ETF SPDR S&P 500 ETF (NYSEARCA:SPY) was $137.20. With the markets hitting that level three times now on three difference days, today remains absolutely important in terms of the bull case scenario.
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Related: SPDR Dow Jones Industrial Average ETF (NYSEARCA:DIA),
Chief Market Strategist