The Situation

​​​The US equity market was showing some strenght since mid-May 2015. ​
​Industrials were ​performing very strongly since then and was a sign for that; 
​it did ​confirm the last upleg of the ​stock market.  ​But the Industrials are
​weakening ​tremendously since its peak done on ​May 20 2015.

​​In fact, when we broke the Support Trendline on August 20 2015​, ​​ ​game was
​over on Dow Jones Industrials (DIA ETF) on a short term basis and then ​
​reached ​then the panic ​selling ​level ​on August 24 at 150.20.
​​( See 1rst Chart Below - Grey Trendline )

Since then, the market have been on a strong rebound. We are above now
the 20 DMA ( Day Moving Average ) since October 2, the 50 DMA since
October 7 and most importantly, above the 200 DMA since October 23rd.​​

In fact, we did have a break out ​on November 2 from a Major Resistance ​Trendline​​ that started back on May 20 2015 at 177.11 on the DIA ETF. ​​( See 1rst Chart Below - Red Trendline )

But what puzzle me the most is that, on that DJ Industrials Break Out, it was done on a Lower Trending Volume... ​​​​( See Chart Below - Bottom Right - Red Line )

​​That Trendline which was broken on November 2 becomes Major Support that Bulls need to protect at all costs with 176.71 support zone for today. Welcome to the Break Out Battlezone.
​​​( See 1rst Chart Below - Red Trendline - Ellipse )

It will be a tough Battle as already the Dow Jones Industrial Bullish Sentiment Index is over the 85% treshold as shown by the second chart below.​​
​​

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