DJI Technical Analysis & Expected Targets For 11/29/12 – Bad News Bears!

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Yesterday, after the market closed, I was celebrating.  Why?  Yesterday’s price action was an obvious signal that demand had once again taken over the market.  The pattern I was watching was a two day pattern called a “bullish engulfing.”  This is a pattern that occurs when a market makes a sudden intraday shift that changes market control in favor of the bulls.

Here is the ETF for the Dow Jones Industrials.  I used the ETF because the actual index does not allow for gaps during the market open.  The actual bullish engulfing pattern is within the white circle.

Metrotrader (D) is one of the few practicing CMTs (Chartered Market Technicians) in the United States . The CMT certifies his knowledge of market timing and risk management approaches. He tends to look for broad market moves and take advantage of them with index funds. The strategy he principally uses is mostly quantitative, and, tested, and has avoided or capitalized on every major recession since the 1940s. He says the best way to make money is to avoid losing it in the first place.

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