The Dow gained 1.28% last week as it runs up against its short term resistance level at about 12,400 points, which marks the February high.
The US market had an impressive showing so far with incredible resilience in the face of global turmoil and a general sense of the market being overextended.
In fact, investors are resilient enough to continue buying into last Friday's better than expected jobs report but with much lesser enthusiasm than before. This, along with the short term resistance and the grossly short term overbought market, means we still might see profit taking in the days ahead as we go into this quiet second week of April which does not have any major market moving releases scheduled.
Lets see how the market work out this week.
For now, the Dow remains in a short term bull trend, intermediate bull trend and primary bull trend.
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