Dow Jones Losing Momentum

The DJI (Dow Jones Industrial Average) has been trending higher intraday as prices are finding support above the 10,600 psychological level.  With a weak Initial Trend reading the upward strength of the 30 minute chart’s Continuation Rising Wedge could be suspect.  There is a better chance that the 10,640 area will continue to be near term resistance and the short term intraday market cycle could transition to a sideways market on a week with little economic data.  Look for traders to fade the pattern resistance near 10,700 if the Initial Trend stays low.  The breakdown/support level to watch is 10.580.