Simple Trading Update: DJIA 11 February 2014 Close

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After dropping to the 200 EMA, price bounced as we suggested it might.  It blew right through resistance at 15,500 and 15,750 and is currently nearing 16,000.

Today price jumped into the Magnet Zone on Yellen’s comments.  Watch this zone for a potential sell setup.  The red horizontal line is the next level of resistance just above the Magnet Zone and the last impediment to complete resumption of the uptrend… watch this area closely as well.