Friday Was Beyond Me

Note that Wednesday is Veteran's Day but that the market is open.

Friday was beyond me. Unemployment rose to over 10.2%, and Wall Street was caught selling a new kind of insurance derivative, again with no regulations. And despite this, the market held. It didn't rise, but it didn't fall, and did stay over 10,000. Many floor traders were confounded, waiting for a consolidation so clearly that the market might defy it.
We are holding to our Dow projections, noting specific support and resistance areas that have held this past week.

A bull market trend, to Dow Theory, is defined as a series of higher troughs and higher peaks. A bear market trend is defined as just the opposite, a series of lower peaks and lower troughs. In addition, a newbull market trend is said to have begun once a market makes a new higher trough followed by a higher peak, and a new bear market trend is said to begin once a market forms a new lower peak followed by a new lower trough.

It is likely to see more upside to a fast top before a choppy whipsaw downside, but the market is now clearly hesitating.