DOW JONES INDUSTRIAL AVERAGE INDEX - $INDU
Monthly chart shows the index remains well below all key moving averages and the down trendline in place.
Weekly chart shows the index remains below all key moving averages and down trendlines in place. Current support at the November 2008 low appears to be holding. Back end support off the October 2008 low also seems to be holding for the time being.
Daily chart better shows that the support seems to be holding in the short term. A buy signal/pattern seems to be in place on this timeframe. Look for a retracement of the whole move down off the January 2009 high. IF the market is indeed retracing the last leg down, THEN look for the .618 to .786 fib targets as the two upside targets to aim for with any long positions.
Daily chart better shows that the support seems to be holding in the short term. A buy signal/pattern seems to be in place on this timeframe. Look for a retracement of the whole move down off the January 2009 high. IF the market is indeed retracing the last leg down, THEN look for the .618 to .786 fib targets as the two upside targets to aim for with any long positions.
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