AS ALWAYS, the following comments do not constitute any investment advice. Treat it like any _BS_ you come across on the Internet, or at home, or in the office, whatever.
It turned out that the failure to break out the resistance line is fatal, as evidenced by the sharp drop last week. Now the DJI is hovering on the Fibonacci line support @ 50%, and slow STC line on the daily chart is showing strength. Daily and weekly charts show different opposite signals - expect sideway market these days if there is no big market driver - stay tuned.
There are always a number of ways to draw trend lines - and the one above may be a bit controversial. My interpretation is that it failed to break out the 50% resistance line in a sustained manner, and now it finds some support at 38.2% lines with slow STC line showing a bit of strength. Conclusion is basically the same as DJI - expect sideway market for the coming days (well this is probably BS as S&P and DJI are highly correlated....)
