Written by Rick Ackerman, Rick’s Picks
Dow Looks Primed to Lay an Egg
Without going too deeply into the technical details, I’ll mention that the Dow Industrials look primed to lay an egg in the days ahead, if not for significantly longer.
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The ABC-type trade set-up shown in the chart usually works as a kind of bullish springboard, but the fact that buyers couldn’t make hay with it last week is a sign that they are likely to show fatigue when stocks begin to trade anew Sunday night.
‘Counterintuitive’ trades are usually among the most reliable and profitable in the Hidden Pivot arsenal, but this time we may be doing well just to extract a few crumbs from a weak countertrend. If the picture should change, I will try to provide timely guidance in the chat room, so stay tuned if you care.
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