Dow In Distribution Mode

US market was down 122 points during Friday’s session. The market seems to be having difficulty holding on to its gains and market participants have been very eager to take profits during any up move. This is not a good scenario for the bulls.

The phase chart for Dow Jones Industrial Average has fallen to “Distribution” stage and the current price movement is the typical “Distribution” market. The 9700 level is still the support level to watch. If the market pierces through this support line, we can expect to see the index test the 9000 level.