Sunday, May 17, 2009

$INDU Update for May 17, 2009


Monthly chart shows the market found short term resistance right off the 8ema on this timeframe. Index currently remains below all key moving averages and also below the down trendline in place.

Weekly chart shows the bears came out in force this past week, practically erasing all the gains the bulls made the week prior. Look for possible continued weakness and a retracement of the entire move up off the March 2009 low.

Daily chart shows the bears managed to take the index right back below the 8ema, as well as a break below the up trendline in place. Look for continued weakness and a retracement of the whole move up from the March 2009 low.

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