September Dow Jones – Dow Jones futures rallied for the second day in a row after it was reported that American retail sales grew at the fastest pace in four years. This news gave traders optimism that consumer spending is holding strong in spite of the drop in confidence. Technically, the market has continued to rally after posting a low of 9506 on Friday’s reversal date, at the reaction line support. Since then, the market has rallied over 470 points and has already reached my initial target objective of 9975. All this in the two sessions following the projected reversal date low! The longer-term cycle remains bearish, so I am looking for a signal pattern before making a sell recommendation. By John Crane
