DOW JONES INDUSTRIAL AVERAGE - $INDU
Monthly chart continues to look very bearish, with downside momentum increasing. Index remains well below the 8ema and the 34ema moving averages. The market has now erased more than 50% of the gains made since the bottom made in October 2002. We are very close to my first downside target at the .618 fib level of 9,879 area. No buy signal/pattern evident on this timeframe.
Weekly chart better shows the clear down trend in place. Index remains well below both the 8ema and the 34ema. No buy signal/pattern evident on this timeframe.
Daily chart shows continued weakness, with the index well below all key moving averages on this timeframe. No buy signal/pattern evident on this timeframe.
Sunday, October 05, 2008
$INDU Update for 10.05.2008
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