There is a similarity to this week trading in US market. The strong resistance level on Dow Jones Industrial Average is capping it, trying to push it down each day. However it seems all attempts to short it failed. Today is a similar story. DOW begins its descent down after the open, but came back by miday.
Now at 2.20am Singapore time, it is in the green, and hovering above 12900 points. This only proves one thing. The Resistance is strong, however the market confidence is STRONG also!
My prediction is that Dow will break through 12938. It just need a SPARK to light it. This week there are no important economical news to light it. Let us watch out for Next Tuesday Retail Sales. This is an important report. The analysts are predicting that january retail sales will be a lot higher than december. I don't know if bar is raise a bit high. IF it beats, it might be the spark for Dow to end 100 points higher.