Sunday, January 25, 2009

$INDU Update for 01.25.2009

DOW JONES INDUSTRIAL AVERAGE INDEX - $INDU

Monthly chart continues to show weakness with no buy signal/pattern in place. Look for eventual break of the key LIS and support of the November 2002 low at 7197.49 as highly likely. The only uncertainty is the timing of the target being hit.

Weekly chart continues to show weakness with no buy signal/pattern evident on this timeframe. Index remains below all key moving averages, and the down trendlines in place.

Daily chart continues to show weakness with index being stuck in a trading range since the November 21, 2008 low was made. Look to next week's trading session to determine whether or not there is a short term tradeable bounce, with the bulls looking to re-test the current high which was made January 6th, 2009

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