Sunday, March 29, 2009

$INDU Update for 03.29.2009


Monthly chart shows short term support in place. This is the first time in six months that the monthly trading session will end up higher than the open at the close.

Weekly chart shows renewed buying activity last week. IF we have 5 waves down from the October 2007 high, THEN look for retracement of this whole move down.

Daily chart shows Friday's trading session resulted in an inside day and profit-taking. Market is looking a little toppy in this area, and IF we get a pullback, THEN look for a three wave pattern retracement before entering any longs.

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