DJIA – Dow Industrial Average (Last:10302)

Yesterday’s gratuitous ups and downs seemed to suggest that although buying enthusiasm is non-existent at the moment, selling completely dries up when the Dow is down a hundred points.  The blue chip average had been maneuvered there Sunday night — a change from a summer-long pattern that has given us mostly Monday-morning short-squeezes and opening gaps. We can use a Hidden Pivot target at 10088 if stocks hit an air pocket, or even 9843 if it’s breached on a closing basis, but there is no compelling evidence to suggest that such a selloff is imminent. Alternatively, buyers would need to print 10426 today to create a bullish impulse leg on the hourly chart.