DOW JONES INDUSTRIAL AVERAGE - $INDU
Monthly chart shows continued weakness, with no conviction from the bulls at this point. Index remains well below all key moving averages and the down trendline in place. No buy signal/pattern evident on this timeframe.
Weekly chart shows the bears taking back some of the gains made by the bulls the week before. Despite having found temporary support, the bulls have not made much headway the past four weeks. No buy signal/pattern evident on this timeframe. The pattern indicates consolidation/trading range more likely pattern being traced out. No buy signal/pattern evident on this timeframe.
Daily chart shows a short term sell signal/pattern and a test of the October 14, 2008 high, where sellers came out in force. Friday's trading session managed to bring out the aggressive bulls. The price action since October 10, 2008 indicates consolidation/trading range before the next leg down. IF the bulls manage to take the index much higher than the October 14, 2008 high, THEN look for larger move up. Unless the bulls can manage to clear that resistance level, the pattern suggests lower.
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