Monday, June 9, 2008

DOW: A Second Chance

The DOW hung tight today and tacked on 70 points to form a small but solid white candle on the daily charts. This allowed us to draw a new upward trendline so we can give the DOW a second chance at a short term bullish life.

The Green line is the line to watch. If it can stay above the magical green line it means it's either moving up or moving sideways. A break of that trendline and the bears get to have their chance.

My short term bias is up based on the start of this retracement. My first target above is the 23.6% fib at 12,420.

DOW Daily Chart:

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