the Dow hit resistance last week at the daily 200ema moving average(white line). Yesterday, the Dow pulled back to the 21 day moving average(yellow line), which has been support for the past 3 months. If that yellow line breaks support, then look for support on the 50 day moving average(blue line). I'm looking for this 3 month old rally to end in the next 30 days and then a 50% pullback of the rally into this September.
Tuesday, June 16, 2009
Dow Jones chart
the Dow hit resistance last week at the daily 200ema moving average(white line). Yesterday, the Dow pulled back to the 21 day moving average(yellow line), which has been support for the past 3 months. If that yellow line breaks support, then look for support on the 50 day moving average(blue line). I'm looking for this 3 month old rally to end in the next 30 days and then a 50% pullback of the rally into this September.
