DOW: Ugly

Not much to say about the DOW other then the chart is really ugly with a lower low and the price action is now back under the downward trendline and the important moving averages.

It could certainly get a nice relief bounce, but with more weakness it will likely retest the 61.8% fib at the 1263 area. It should have some good support there.

To the upside if the bulltards step back in this week, a retest of 12,750 after all this selling would be a likely target. Everyone seems to be over-buying and over-selling the latest news so a 300 up day for the DOW is entirely possible.

DOW Daily Chart: