Thursday, July 12, 2007

Dow Crashes UP! Next Stop 14137?

Todays incredible move up in the middle of summer and in the midst of a sluggish economy is one of those wonderful surprises that the market can give us. Technically we started to form a higher low yesterday and today we completed that as well as create a higher high. Based on the Fibs from the Feb drop, our next fib level of 161.8% will be in the 14137 range. Now lets see how quickly it can jump up to hit it!

DOW 1yr / Daily Chart
(Notice that yesterdays bounce had multiple support levels of trendline and Moving Average consolidation)

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