The Dow Jones Industrial Average broke out to new highs yesterday.
Recently we highlighted the low risk trend continuation icon (green circle) that was triggered on the chart of $DJI. This happened because the correction in price from last week’s high caused the GoNoGo Oscillator to fall to zero zero. Last week’s high was enough to push the GoNoGo Oscillator into overbought territory and the pullback wasn’t a surprise as we saw a red counter trend arrow at the top. Having seen momentum cool, and the GoNoGo Oscillator bounce off zero where it found support, it was good to see the break above resistance yesterday as the GoNoGo Trend continues to paint the strong blue “Go” bars.
