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Technical analyst Chris Kimble offers a weekend perspective on the Dow across two timeframes.
Chris comments: Is Dow 11,000 a big deal? It's only 7% away! Only two more days like Thursday, (up 3%) and the Dow will be there! The last time the Dow hit 11,000 I suggested that investors should harvest gains because of Fibonacci resistance and a rising wedge.
Yet from a long-term perspective are there any other reasons to apply risk management or harvesting strategies around Dow 11,000?
As the chart here illustrates, Dow 11,000 is important dating back to the 1990's and all the way back to the 1930's.
What was the famous line from the movie "The Gambler?" You've got to know when to fold them!
Keep this long-term chart in mind as an input for knowing when to "harvest" due to medium and long term resistance.
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