FXEmpire | November 30 2012 1:28 EST
The Dow Jones Industrial Average futures initially fell during the session on Thursday, and managed to pierce the 12,800 level. However, by the end of the session we ended of the very highs and cleared the 13,000 level. We are now pressing up against a resistance area that looks fairly significant low, and as such we are not overly impressed and do not want to be involved.
The markets are currently moving on every headline that comes out involving US Congress member, and as such it is very difficult to trade. As the month continues, there will be less and less liquidity, and this will become a bigger problem. So far, it does not look like the two sides are that close to coming together and putting some type of financial package together. With this being said, the market should continue to be very skittish, and as a result we are actually relatively bearish at the moment.
We see quite a bit of resistance all the way from present levels to the 13,200 level. Because of this, we think that the next 200 points will give us an opportunity to see some type of bearish candle to start selling from. However, we break above the 13,200 level on a daily close; we would be more than willing to admit that the market is going to take off again.
Click here a current Dow Jones Chart.
Originally posted here