DOW JONES INDUSTRIAL AVERAGE - $INDU
Monthly chart remains bearish, with index well below all moving averages and the down trendline in place. This past week, the market found support off the March 2003 low. The market now has taken back 5 years worth of gains. No buy signal/pattern evident on this timeframe.
Weekly chart remains bearish, with a new low made with this past week's trading session. Index remains below all key moving averages and the down trendline in place. No buy signal/pattern evident on this timeframe.
Daily chart shows aggressive bulls stepping back into the market at the March 2003 low. The bullish engulfing candle pattern signals a short term support level for now. We need to look for follow through next week. There is a possible 5 waves down into current support. IF we have 5 waves down, THEN look for retracement of the last move down.
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