Saturday, August 09, 2008

$INDU Update for 08.09.2008


Monthly chart shows that while July 2008 saw indecision between the bulls and the bears, the month of August 2008 quickly showed the bulls to be in charge as they aggressively stepped back into the market.

Weekly chart better shows the strength of the bulls as they made a strong close above the 8ema. Looks like we are at the very least, retracing the last leg down from May 2008.

Daily chart shows it ended the week with a close above the 8ema, the 34ema as well as the 50sma. So far, the move up off the July 2008 low appears to be corrective. First upside target is the .618 fib area.

No comments: