Friday, January 24, 2014
Dow Jones Industrial Index - Support has been broken.
Please see my long term count for the Dow Jones Industrial index here first.
The break below support at 16.290 yesterday was not a healty sign. Not alone did we break below the support line from the 14.719 low, but we also broke clearly below the Pitchfork mid-line. However, to confirm a possible top a break below support at 15.703 is needed.
I'm not that strong on the economy, but do you remember way back in March 2009 when the FED began its first QE? A lot of economist then said, that they just where kicking the can down the road. I think we are at the can now, so the question is will they be able to kick the can once more or the out of road to kick the can further down of?
I believe they have reached a dead end and they will not be able to do anything to help the stockmarket, but I'm sure they will try to do something desperate...
Chris Kimble show this chart yesterday. Maybe Hollywood has a secret code to tell each other, that it's time to abandon ship...