Although last nights DJIA action was bullish it's interesting...

Although last nights DJIA action was bullish it's interesting how the price closed beneath the long term descending trend line and also under the ascending trend line from May09.

Looks like all yesterdays gains on the ASX were factored into last nights DOW gains, strong open for ASX but turned out to be a fizzer. Not surprising considering we ignored Friday's down session on the NYSE also.

I am not suggesting that the DJIA won't break out above these trend lines but the probability at the moment is doubtful imo. Unless someone can identify a very strong fundamental reason as to why it will break out? I am all ears. Again I am not suggesting a crash or lots of downside but a visit back to the ascending trend line from March09 lows should not be ruled out imo.

The DAILY 3 month chart below shows the trend lines coming through, the chart below it is a longer term DAILY showing where the trend lines are steming from.

All IMO of course, there are better more experienced chartists on this forum so I would love to hear their opinion.