Looking at the daily, weekly & monthly charts on the DOW they all seem to be resting on the descending trendlines from Nov07 highs. Imo a retrace is now likely given these trend lines have been recent targets. Very simple charts but effective imo. Note the SPX (last chart below - monthly) has broken down through the ascending trend line which has held it up since March09 lows is also concerning given it hit it's target last month and has failed to break out upwards. I am not normally bearish but I feel some downside is now due.
DJIA DAILY cahrt with slow stochastic. Note the slow stochastic approaching trend line above and starting to turn down?
DJIA WEEKLY charts with slow stochastic
DJIA MONTHLY chart with slow stochastic
SPX MONTHLY chart
dow charts
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25,629 |
Change
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