Sunday, June 01, 2008

$INDU Update for 06.01.08

DOW JONES INDUSTRIAL AVERAGE - $INDU

Monthly chart shows that May's trading activity resulted in a bearish candle, with the month closing slightly lower than it's open. Current resistance is right at the 50sma. The bulls couldn't quite manage to take the market up to the .618 fib level.

Weekly chart shows that last week's trading activity couldn't even manage to regain 50% of the ground lost the week prior. While the bulls managed to close the week above its open, the index remaisn below all its key moving averages.

Daily chart shows that Friday's trading activity resulted in a doji, signalling indecision between the bulls and the bears. Resistance is current at a small LIS, where "old support becomes new resistance". Index remains stuck in a trading range, with the May 19th high, and the March 11th low. Look to next week for better sense of direction.

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