ISM coming up...
The Dow continued its intermediate correction last week, closing down by 115 points last week on a week on week basis.
The intermediate correction continues as the Dow continues to head for its 200MA short term support level. If the support level failed to hold, then a visit to its weekly 50MA (50MA) at around 11,500 would be next. In fact, the last intermediate correction ended around the 50WMA as well. Economic data so far also favored to downside as major leading indicators so far makes their biggest retreat since the recovery begun. This week, the ISM index will be announced on Friday with consensus expecting yet another lower number as economic growth continues to slow down.
For now, the Dow remains in a short term and intermediate term bear trend within a primary bull trend.
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The intermediate correction continues as the Dow continues to head for its 200MA short term support level. If the support level failed to hold, then a visit to its weekly 50MA (50MA) at around 11,500 would be next. In fact, the last intermediate correction ended around the 50WMA as well. Economic data so far also favored to downside as major leading indicators so far makes their biggest retreat since the recovery begun. This week, the ISM index will be announced on Friday with consensus expecting yet another lower number as economic growth continues to slow down.
For now, the Dow remains in a short term and intermediate term bear trend within a primary bull trend.
My Market Analysis Sent Straight Into Your Email Daily For Only $5/Month! **My analysis will only be posted here once every other day.
posted by Jason Ng at 7:03 PM
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