Yes, the market screaming up today is tempting because it comes at the end and captures the imagination, but usually are always counter trend rallies.
So, lets just allow the charts and numbers do the analysis and increase our probability of finding the best entry area to rejoin the longer term bull.
The Daily Traders Chart:
Had you entered on the 26th, you may have hit a great entry point, but those levels still could be tested again as we take a further look.
The Weekly Traders Chart:
Besting 25000 on the Dow here by Friday or Mondays close is the key to a daily and weekly bulllish continuation.
The fact that the market has not run away to the upside warns we may not be able to reach the 25,000 area by Monday.
So, as of now, whatever high we reach today or on Monday will most likely be the end of the bounce.
The Monthly Traders Chart:
If today were the last day of the month, the rally has not convinced the algorithm that this is anything more than a countertrend rally.
This warns that we may yet make a new low but we should hold the 21,600 on a Monthly closing basis and this is where opportunity will present itself.
It will bring the weekly levels down significantly from todays current trading levels. When this happens, it will increase the chances that the low for the year is in place.
That would then bring the Daily and Weekly opportunity for bullish entry points down significantly from right now and likely be another great place for a bottom entry in all 4 US Indexes; the Dow, S&P 500, Nasdaq, and the Russell 2000.