Momentary Delight

Bears can point to the break in steep trend today in the Dow Jones Industrial Average, seen on the daily chart, below.

In addition to the S&P 500 Index, the mega caps in the Dow have been exceptionally resilient this year. Nonetheless, you can  plainly see the rising wedge breakdown. Closing weak is going to be key for bears, as will the elusive downside follow-through.

But the Dow’s weakness off the open is noteworthy, especially considering how quickly bullish sentiment became with a bevy of earnings pops last night.

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