Saturday, February 21, 2009

$INDU Update for 02.21.2009


Monthly chart remains very bearish with no buy signal in place.

Weekly chart remains bearish with lower low made. Index remains well below all key moving averages and all down trendlines in place on this timeframe. No buy signal/pattern evident.

Daily chart remains bearish with new low made this past week. Index remains below all key moving averages and down trendline in place. Basically, the market has given back any and all gains made since 1997. No buy signal/pattern evident on this timeframe. Next downside targetis at the 1.27 fibe level of about 7,000.

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