Dow at Resistance...
Welcome back from the Thanksgiving Holiday!
I hope all of you had a good long break and that all my American readers had fun shopping during Black Friday (and Thursday!). The Dow also turned around EXACTLY where I predicted it to, starting the new santa claus rally that should last us through to 2013. Santa Claus rally is a noted year end anomaly that results in a rally that typically starts around December and lasts through January of the following year.
The Dow is now up against its 30MA resistance level and is also short term bought overbought. As such, expect to see a bit of a retreat from this point before the Dow can muster enough energy to breakout above the 30MA and reverse the trend into a bull trend.
I hope all of you had a good long break and that all my American readers had fun shopping during Black Friday (and Thursday!). The Dow also turned around EXACTLY where I predicted it to, starting the new santa claus rally that should last us through to 2013. Santa Claus rally is a noted year end anomaly that results in a rally that typically starts around December and lasts through January of the following year.
The Dow is now up against its 30MA resistance level and is also short term bought overbought. As such, expect to see a bit of a retreat from this point before the Dow can muster enough energy to breakout above the 30MA and reverse the trend into a bull trend.
posted by Jason Ng at 3:10 PM
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