paddington's bear, donkey and rabbit - tuesday, page-26

DJIA

Up on very light volume, the spread was quite wide and closed high so not a "classic' no demand. Its stopped right at the high of our highest volume bar at AUG 8. But to get through here it will now need some juice(volume). The last shakeout absorbed a lot of the sellers and sucked the volume out of the market giving us a nice spring cutting back through the "baggage."
The day previous was a "weak" bar, not confirmed by price falling next bar, but today is also quite weak.
So The professionals are not participating in this rally - and I would expect both bars to be taken out to retest the shakeout of Oct 4. If we do break above the AUG 8 bar then we are looking for testing on top of that level for the long side. In the meantime we can only trade whats in front of us.
Personally, I'm looking for gaps on the open to short if they setup weak - which I suspect they will - I suspect our market won't like the lack of juice on the yank market - But if we start getting signs of testing on the intraday then we can go with that too.
Both markets now around the top of the range of their shakeouts from Early August. Now we see if they want to take us higher or they are going to roll us over - again.