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Recent 8% rally on #dow indices, from its march 11 Low till today. after re-testing the support of medium term channel line, some analysis started saying smart money getting in. In another scenario, if we look at ADX, which is consecutively moving down below 20 line. Another is Volume, which is flat and completely lower compared to the last down fall started from Feb 11.
The positive aspect is identified is that -DI is constant on down trend, and this couldn't be much supportive enthusiastic elements for smart money.
question is, what significant indicator had result 8% upside move ? one answer is, DOW already on medium term upside move and the recent march low was the re-test plus conformation of strong upward channel trend. Second answer is short term traders who were shorten after Feb top have been in rush to cover their position around channel support. Third and least answer is Major asian markets were on down side during whole march month, so the DOW became first choice of fund managers.
As disclaimer, we are on long side position since 11770 level and still holding the position, unless & untill no reverse signal occur.
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