The troublesome aspect of the recent move in the Dow is that the financials are not participating. The last 2 UPTREND reads in the Dow have been 1 or 2 day wonders. This recent UPTREND read is also worrisome because the TRENDBODY in Bank of America is still large which makes it unlikely that it will generate an UPTREND read in the near future. By the way, there was no UPTREND read in Bank of America corresponding to the reads in the Dow. Futhermore, unless the EURO is able to take out the recent highs, the Bearish Engulfing pattern that developed last week is still prominent, along with falling Stochastics. Also, failure to take out the EURO highs will generate the potential of either a Double Top or a Rounded Top.
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