Posted On: 03/23/2014 12:30:14 PM
Post# of 2561
INDU Daily Chart ~ Stuff Gets in the Way
The last couple of times I was asked for a chart and thoughts on the Dow, I had mentioned when the index broke its rising support line two weeks after the FullSto and MACDs crossed to the negative side, the Dow did break thru the MA50, 100 and 200. When it found a bottom and recaptured the MA200, it was an easy 1100 points. Although I thought the Dow would go higher, stuff got in the way, this time it was Putin invading Crimea. Interestingly enough, the index stopped at a previous grouping near 16,525 (horizontal red line). Friday's green morning was taken apart later in the day on fairly large volume. The market is now sitting very close to a number of moving indicators, so any movement in either direction Mon/Tue will probably trigger the direction for the next few days. It could go either way. The upside needs to see the index get over the horizontal resistance point of approx 16,490 while support might be seen in the 16,050/16,065 should the downside take over. GLTA
The last couple of times I was asked for a chart and thoughts on the Dow, I had mentioned when the index broke its rising support line two weeks after the FullSto and MACDs crossed to the negative side, the Dow did break thru the MA50, 100 and 200. When it found a bottom and recaptured the MA200, it was an easy 1100 points. Although I thought the Dow would go higher, stuff got in the way, this time it was Putin invading Crimea. Interestingly enough, the index stopped at a previous grouping near 16,525 (horizontal red line). Friday's green morning was taken apart later in the day on fairly large volume. The market is now sitting very close to a number of moving indicators, so any movement in either direction Mon/Tue will probably trigger the direction for the next few days. It could go either way. The upside needs to see the index get over the horizontal resistance point of approx 16,490 while support might be seen in the 16,050/16,065 should the downside take over. GLTA
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