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Monday, May 17, 2021 10:35:50 AM
By: Marty Armstrong | May 17, 2021
The Dow has poked its head about the broad Uptrend Channel. The key will be how May closes. The top of that channel stands at 34,232.49 so we should see this as more of a technical pivot point that will become more significant at the end of the month. I have mentioned how there were back-to-back Directional Change targets for the week of the 10th and 17th and that warned that we should not expect a simple crash at this moment. The volatility will rise next week and how the Dow closes at month-end will be indicative of what is to come as we head into the next key target period of August-October. The April closing was 33874.85 and we need to see May close below that number to imply we should expect a retest of support in the months ahead...
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