DOW JONES INDUSTRIAL AVERAGE - $INDU
Monthly chart shows increasing selling pressure, as the month of June 2008 ended with a lower low put in, as expected. The bears have all but erased any gains made since August 2006. No buy signal/pattern evident on this timeframe.
Weekly chart shows the new lower low for the year hit the first target at the 1.27 fib area. Index remains below all key moving averages, and also below the January 25, 2008 low of 11,635. Next anticipated downside target is at the 1.618 fib level.
Daily chart shows some profit-taking and short-covering, in anticipation of the July 4th long weekend. Index remains below all key moving averages, and also below the down trendline in place. After such a sharp prolonged move down, one can expect some consolidation and retracement before the next major move. While there is no buy signal/pattern evident, a period of consolidation would not be unexpected.
Saturday, July 05, 2008
$INDU Update for 07.05.2008
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