Great summary of the DJI chart action, thanks Jako. The trajectory does look like it will end up testing the 16,000 level in the near term.
Reading the various news articles covering Friday's US market action, and some of the commentary on this thread, I got the sense that observers are looking for excuses to be negative about both China and US growth prospects:
1. All week everyone has been concerned about China market stability. Yesterday we see the tide stemmed, or least take a pause, so now observers are pointing to China currency reserves levels (btw which other country in the world has a couple of trillion just sitting in the bank???) - if China can't spend some of its reserves now when it needs to stimulate growth, when should that money be spent?!?
2. Overnight the US NFP data is reported and the gross number looks ok, so observers start breaking it down into demographics to suggest its mostly part-time jobs being created. Then they start pointing to when the Fed is next going to raise rates...
Yet some time in the next week, when the market bounces, these same pundits will be completing ignoring all that and pointing to some other number which paints a bright future...at least until they pump up the market to offload all the stock they bought this week while talking the market down...and so the news cycle turns, again and again.
As an avid watcher of the market, I'm starting to completely tune out to all that BS. As a chart-based trader, I just stick to reading the supply & demand, the support & resistance, and the trendlines, and of course stick to my entry & exit rules - stick to those and somehow what the BS-artists say becomes irrelevant.
Cheers, Sharks.
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