The DOW Jones ran into resistance at the 200 day moving average(white line), and last week broke the 2o day moving average(yellow line) which has been support for the past 3 months. It now looks like the 20 day(8600) will be resistance and the next area of major support is the 50 day moving average(blue line) at 8375. This week, I'm looking for the 50day to get tested(8375-8400) and then a bounce back up to the 200 day (8850-8900), as we enter the end of month window dressing period. A close below the 50 day(blue line) would be bearish!
Sunday, June 21, 2009
Dow Jones chart
The DOW Jones ran into resistance at the 200 day moving average(white line), and last week broke the 2o day moving average(yellow line) which has been support for the past 3 months. It now looks like the 20 day(8600) will be resistance and the next area of major support is the 50 day moving average(blue line) at 8375. This week, I'm looking for the 50day to get tested(8375-8400) and then a bounce back up to the 200 day (8850-8900), as we enter the end of month window dressing period. A close below the 50 day(blue line) would be bearish!
