DOW closing another +127 points last Friday is still making me bullish. However this might be a sign of impending correction this week. I still believe that the correction might come late this week, possibly on Thursday as Friday was declared as a non-working holiday in recognition of the end of Ramadan. I am looking at 3595 as possible support once the market makes a correction.
Basically, the trading plan for this week is to look for possible exits.
FLI has started to show weakness in the charts. However, it still needs confirmation before taking action. MPI has also shown weakness as shown in its rate of change. Possible exit at 3.82 once weakness surfaces. DMC seems like it lost momentum and it's ready to make a correction, possibly forming the usual rising three methods. This might be the only one I'd keep as it only makes small corrections before moving back up again. All trailing stop are now active, maybe with an exception to DMC. Let's see what happens this week.
PX, GMAP and GMA7 might also be worth looking this week.
Monday!
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