Dow Down on Worse Than Expected Retail Numbers...
The Dow was down 161 points today as retail numbers suggest that consumers are still holding back.
Yes, even though the economic outlook is great, the path to recovery is not going to be a smooth sail. Consumers are still not spending as expected as the store sales dipped from 1.6% last week to 0.1% this week. This gave fuel to the pullback scenario that is already beginning to pick up steam in the market.
The Dow continued into the pullback scenario today making yet another lower high and lower low. Short term support level is about 8000 points with intermediate support at about 7500.
Yes, even though the economic outlook is great, the path to recovery is not going to be a smooth sail. Consumers are still not spending as expected as the store sales dipped from 1.6% last week to 0.1% this week. This gave fuel to the pullback scenario that is already beginning to pick up steam in the market.
The Dow continued into the pullback scenario today making yet another lower high and lower low. Short term support level is about 8000 points with intermediate support at about 7500.
posted by Jason Ng at 5:57 PM
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