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Today's Chart

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11.24.09
Today's Chart Tuesday 11/24/09

Today's Chart  indicates there is considerable resistance for the Dow in this area due to a cluster of Fibonacci projections and the downtrend line from the October 2007 high. This technical resistance would be expected to act like a brick wall, preventing a further advance in the Dow.

11.12.09
A 400 point decline would be normal

On Wednesday the Dow tagged 10,341 intraday, which satisfies the primary target level (10,300) that we predicted many months ago. This is an attractive place to take profits. Although an immediate overshoot to Dow 10,500 is possible, a near term correction is more likely. Thus, we are tightening stops.

11.11.09
Rally to 10,500

On Tuesday the market consolidated its gains, which is a normal pattern. We are looking for a rally to 10,500.

11.10.09
Rally to 10,500

On Monday the Dow moved into the ‘speed zone’ as expected. We are looking for a rally to 10,500.

11.09.09
Speed Zone Ahead

On Friday the market consolidated the gains from Thursday. It is now poised at the edge of a speed zone that could produce a quick rally to 10,500 or more.

11.06.09
New highs for the year shortly

On Thursday, the market decided it preferred the upside direction. This morning, a worse than expected jobs report is depressing index futures, but we think the market will get over it and make new highs for the year shortly.

10.23.09
Friday

On Thursday, the dip was bought, as expected. The Dow recouped Wednesday’s 92 point decline with interest, rallying 132 points and closing back above the psychologically important 10,000 level. We expect the market to make 10,300 soon and then 10,500.