Saturday, March 08, 2008

$INDU Update for 03.08.2008


Monthly chart remains bearish, with index currently right at the key LIS and 2000 high as support just below February's low. Still no buy signal/pattern in sight on this timeframe. Look for continued weakness as index makes its way down to the .618 fib target.

Weekly chart shows continued selling pressure, as the index heads lower, to test the January 22nd low. No buy pattern/signal evident on this timeframe.

Daily chart shows continued weakness and increasing selling pressure. No buy signal/pattern evident on this timeframe. Short term downside target is the 1.270 fib level at the 11,335ish area.

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