It has been a while since I last posted the Dow Jones Weekly Stock Market Trends. I was focusing a bit too much on the stock market picks and some of the recent short position that I took.
It prompted me to post the Dow Jones Weekly Stock Market Trends today because I spotted that the Dow Jones index is now trading on the key support, breaking such support will see the stock market contine to dive to possibly 2002 low. If it holds, then, we may see a technical rebound again continue with a side way market.
Let’s take a look at the Dow Jones Stock Market Chart now.
Dow Jones Industrial Average Stock Market Trends
Dow Jones has dive from a recent high and it has retraced down to a key support level. What is the key support on Dow Jones. That’s at 8,143 level. This is near the low level that was formed in Oct and this low level has been tested twice. This will be the 3rd time the Dow Jones is testing the same low again.
I am only seeing the price approaching the support level, however, most indicators are laggard and therefore I have not seen any reversal signal on the indicator yet. There are bad news circulating now, high unemployment rate, Walmart and Intel is issuing profit guidance. Overall, there are still lot of bad news going on.
As today is the first retest of this support level, I think the market will hover around this support for a day or two, we shall be able to see a clearer picture tomorrow. If there isn’t any good news to cheer the market, I beleve the market will dive down to the 2002 low which I have been warning by using the Fibonacci theory.
If you are trading the market, you must be awared of this current Dow Jones market trends to make a wise investment or trading decision for yourself.
Good Luck!!!
Dow Jones Weekly Stock Market Trends
DISCLAIMER: This information is used for learning purposes only. It does not constitute an offer or solicitation to buy or sell. You should do your own analysis on top of my postings.
Welcome back to InvestMoneyLab, you can now join our Facebook Friend of InvestMoneyLab to get a FREE Book by T. Harv Eker Now! You can also receive latest profitable trading system and stock picks for free in future. Thanks for visiting!
