Breaking through the ceiling

Today seems to be good looking at the charts. For the Dow Jones, we can see from the chart that it has broke the stubborn resistance of the level of around 13700 and it broke with high volume. That is certainly bullish in my opinion.

Dow Jones Industrial Average Chart:


On the chart of the Straits Times Index, it seems to be pretty good. For the latest closing, STI closed with a huge upside gap which i haven seen for a really long time. However something disturbs me and that is the doji-like candlestick or perhaps a hanging man that was formed today with heavy volume. I reviewed the list of counters that i was monitoring and i hardly see any white candlesticks or any bullish divergence. Black candlesticks and especially dojis or hanging man were seen more frequently instead. Maybe the list of counters i am monitoring is not exhaustive enough but i can only come to the conclusion that quite a lot of ppl are selling into strength today. Well, perhaps i may be wrong.

Straits Times Index Chart:


It just occurred to me that i often distort the reading of the charts with the things i hoped for. I am hoping for the return of the bull quickly so i must say this is affecting my analysis of the chart. Perhaps, it is bad timing on my part that i pick up technical analysis on this last leg of the bull run so i guess i just have to be patient. Watching now for a higher high and higher low with volume expanding with increasing index action and vice versa.