spott's - fade the false break - tuesday, page-4

I mentioned a H&S pattern on the DOW short term charts and put a target of 12,300 for last night, the DOW bottomed at 12,996 and turned around from that level.

On a very micro level, the DOW looks to be good for a rally back to around 12,406 where the FIB 50% has been drawn in.

Dow 5 min -



What we could see today, is a positive futures lead from DOW/SPX helping our market cushion it's fall today. Having said that, even with a decent tail on the candle last night, I think the DOW tonight will be down again (either to test 12,300 or break it).