Dow Jones tumbled last Friday, I noticed that it broke all the supports of moving averages. I was pessimistic about market trends. Luckily that it did not continue the down trend last 2 days and DJ has been staying pretty flat.
I started to plot the Fibonacci lines on the DJ lines, what a coincident to notice that Dow Jones is hovering now at the 61.8% support line, which is approximately 12,268. This is indeed another key support to look at if we are following Fibonacci theory.
Unfortunately, as I am writing this, I noticed that DJ has lost 135 points and the intraday chart is still sloping down. I see that as a bad sign of the market and I will the market will retest the previous low again which is the 11,732 level. Oil price has been going up the slope as well and that will continue to exert certain on the market to go down.
My take now is continue to look for candidate to short, and also to long oil price. I think that will be a WIN-WIN strategy to take 
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.
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Hi Karen,
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