The Rally Continues…
Hello everyone, another market update coming to you from Profit Edge Trading. We recently discussed and pinpointed an early sign of a strong market rally coming out of a mature downtrend around the 7th of March. So far this market has continued to confirm a primary bear market rally, and a strong seasonal cycle coming into play.
I also noted that this particular rally was playable in the Futures side on the Dow Mini $5 (YM) contract which setup early on March 10th. If any traders caught this early signal, there was great money to be made on the early side of the timing band of this trade. At this point if you held it into a mature swing trade, profits can be taken with today’s market pause and pullback. So far this market has rallied 700 points from its intraday low to the most recent high near 7242.
From our perspective view on the 60 minute and daily charts, Profit Edge Trading upside targets for the Dow will be near the Daily 34 EMA at 7400. If we continue a mature uptrend with normal pullbacks, expect mature targets near our 50 MA and Standard Deviation Bands at 7820 and 8020 respectively for the Dow.
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Thanks for your conintued interest in the Profit Edge Trading Blog & Service
Until Next Time…
Sincerely,
Profit Edge Trading
CTTO
Taz Hardy
