January 25th Daily Market Comments

Dow 20,000! Is that the top? Obviously that was the psychological target. What will be investor sentiment reaction now that it has breached that level? That answer is much more clearly defined when analyzing what the candlestick chart looks like. The uptrend has had a good rest for the past four weeks. The chart now looks like a breakout of the congestion area, the top resistance level being the 20,000 area. What the candlestick charts are showing for potential upside is much more important than arbitrary numeric price levels. Stay predominantly long.