DJIA,Widespread down on increased volume, trapping recent buyers...

DJIA,

Widespread down on increased volume, trapping recent buyers into bad positions, very ugly. Is this a major turn point - or is it a shakeout - will have to watch the next couple of sessions to work that out.
But for the moment the DOW not willing to take on overhead resistance just yet. We are also at a couple of converging median lines on the weekly chart and once price reaches a median line it can oscillate there a spell before moving on.
On the daily chart price has dropped just short of the red median, if it pivots again before reaching it then that would actually be bullish. Also have a speculative triangle forming, so we could see some chop around here for a spell.
Obviously our market will open down. We are still having problems getting past our Sept 1 pivot high. Would really like to see that taken out for the bullish case.

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