So the DOW is at 13,000. Now what?

Market Pulse: Mar 5, 2012

Last week the March 2012 Dow mini opened at 12,959 and closed the week at 12,968 showing no weekly momentum. The weekly high came in at 13,042. The uncertainty in the market is highlighted by the doji candle formation. 

On the daily chart below we see ADX dropping, now at 22, and showing a weak trend is now in place. The market could be range bound with the top of the range at 13,000, first bottom at 12,800 and second bottom at 12,600. Today we see –DI crossing up over +DI. MACD today is moving down away from the signal line, and Stochastics are correcting down out of overbought territory. This is what we call a TTS at Trends in Futures.

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