DOW JONES INDUSTRIAL AVERAGE - $INDU
Monthly chart shows high made in October 2007, and bulls took profits in November and December. The move up into 2007 high was made with regular divergence in the cci momentum indicator. Index currently remains above the prior high made in 2000. An uptrend line from the 2003 low into the 2007 high remains intact for the time being. December's trading activity resulted in a doji/spinning top candle pattern, indicating indecision between the bulls and the bears. The index ended the month with a close below the 8ema. 
Weekly chart shows a head and shoulder reversal pattern possibly in play. On a weekly basis, the index is currently below the 8ema and the 34ema.
Daily chart shows index currently below all its key moving averages, especially its 200 sma. Look for test of the November low and then the August low.
Tuesday, January 01, 2008
$INDU Analysis for 01.01.2008
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