I was asked to put up a post for the sake of having a place to chat today and it seemed like a good idea. It gives everyone the opportunity to express their thoughts about the market action and hopefully keeps winace from having to put together a post when he has other things to do.
In the interests of giving everyone something to chew on, consider these two charts of the Dow; one displaying weekly candlesticks and the other with daily candlesticks.
There appears to be a lot of significance to the 200 and 30 SMAs. The [daily] Dow dared challenge the 200 and got smacked down for its effort. Then it fell back to the 30 and stopped dropping. The 200 is continuing lower, arguably a signal that the market is still in a downtrend while the 30 is angling higher. Keep in mind that if and when the Dow challenges the 200 it won't have to move so high to do it. Instead of 13150 it needs only get up around 13k.
Of course, something of the reverse is true for the weekly sticks. The 200 is supportive while the 30 is offering resistance. Is it noteworthy that the 200 week SMA is continuing higher? You be the judge...