| Market Direction with Ed Downs  |
 Dow 15 Minute Chart  Dow 60 Minute Chart | ||||||
PennantDow trend higher, forms downside pennant consolidation. Watch lower boundary tomorrow.From prior commentary, "... the downward sloping range that has formed, and the fact that it has just broken through its upper boundary both imply an upside continuation, and that is our "best guess" for now. We will be watching for a move through 9,100 to indicate that the index will likely push solidly higher..." The Dow continued to trend higher today to gain a little over 100 points on the session. As a result, the index formed a downside pennant consolidation (an upward sloping consolidation) in the 15 Minute Chart. | |||||||
MfG, ZiZo
