Dow Jones Industrial near 10,000 points! Sell-Off might be in the cards.

DOW JONES INDUSTRIAL near 10,000 points! Sell-Off might be in the cards??

DJIA Daily Chart(Trend lines)

*Dow Jones near 10,000 points! A bull rally towards 10,500points? or sell-off at 10,000 points?

*Some analyst thinks that market is likely to run into so-called overhead supply below and above Dow 10,000 points. "Overhead supply consist of a pool of willing sellers who had bought the market just before it went down and are keen to break even",MarketWatch.

*"The higher we go from here, the more supply we have", Marketwatch.

*If Dow Jones breaks through 10,000 points and stands above this support against selling effort, this level will be the support for Dow Jones.

*Some analyst also predicts that Dow Jones will reach 10,500 points by end of this year. But this will not happen till there is a 7-10% of sell off in the market in the near future.

*Dow Jones will continue to push higher if companies reporting earnings are good.

*Else 10,000 points will be the perfect excuse for a sell-off and lead to market correction.

DJIA Weekly Chart(EMA200days)

*Dow Jones Weekly Chart showing EMA200days is the important resistant(10,500) for DOW.

*MACD is still Bullish in the weekly chart.

*However Momentum is still weak in the weekly chart.

*Breaking high above 10,000 points?? or making 10,000points a perfect excuse for market correction??