Dow Continues Pullback...
The Dow ended down for a second week in a row this week, losing 1.19%.
Despite optimistic outlook and economic data this week, investors are selling into this widely anticipated technical pull back scenario, beating the Dow down everytime it takes a peek upwards. On the weekly charts, the Dow followed up on the evening star signal that was produced last week and with rising bearish momentum, the odds definitely favors the way down. Short term support is at about 8000 points.
For now, the Dow remains in short term bear trend, intermediate bull trend and primary bear trend.
Despite optimistic outlook and economic data this week, investors are selling into this widely anticipated technical pull back scenario, beating the Dow down everytime it takes a peek upwards. On the weekly charts, the Dow followed up on the evening star signal that was produced last week and with rising bearish momentum, the odds definitely favors the way down. Short term support is at about 8000 points.
For now, the Dow remains in short term bear trend, intermediate bull trend and primary bear trend.
posted by Jason Ng at 10:21 PM
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