Key Findings: Dow Jones is a short-term buy. Bigger Picture is right at decision point.
After a wild ride of January melt-down in techs, a very volatile FED FOMC Meeting and a retrace since then we are now meeting decision point for stocks.
Market stopped with friday close right at significant price levels, a breakdown here would print us top formations and very probable deliver us a bigger melt-down and might even break the current trend.
But As we are at strong horizontal and trend supports and already very oversold, according to current moving average and oscillator levels, i would minimum expect a bounce up here.
This bounce up could be rejected by highlited levels or also easily push through previous local tops and deliver us a next bull run, we will get a decison next 10 to 14 days and will keep a close look at the significant price levels.