The Dow's next level is 12,950, plus the key indicator to track today.
The Dow will break the first level of support on the open and it will be interesting to see if the next level, 12,950, holds. Until these levels are breached for more than a few day it’s tough to imagine the bulls not putting up some sort of fight. While we’re long overdue for a pullback, I wouldn’t be chasing shorts on today’s gap.
If you’ve been trading with me in the ProShares UltraShort Oil & Gas (DUG), today’s open may be a good spot to book partial gains and look to remount. The only other trade I’m watching is the dollar, which is retracing with today’s open and looks ripe for a pullback buy. This and more in today’s video below.