DOW Daily Chart for Monday's Close

Whew, what an ugly day today. The DOW gained about 86 points the first 15 minutes of the day and then limped sideways and ended up closing at the lows. The DOW formed a gravestone doji which at the top of trend would be considered bearish, but at the bottom of a trend it can actually be construde as bullish. In this volatility I would say it's 50/50 on what we'll see tomorrow (it always is), but important to note that the DOW closed SMACK on the upward trendline that we've been watching and is just below the 100MA. "IF" it breaks the upward trend it might send some panic into the ring. The DOW has also started to form a Head and Shoulder Pattern on the daily and we're one bad down day away from closing a candle beneath the neckline (at least the way I have the neckline drawn). If the neckline is broken it could give some extra momentum to the bears.

In summary, the DOW is barely holding on to the uptrend, but it's still intact for today. We'll see what happens tomorrow as some bearish patterns are starting to emerge.

DOW 6 Month / Daily Chart