It is very possible that things could be turning around for the DJIA.  It has managed to stay above 8000 for some time but it still hasn’t made a big, decisive move.

The index closed barely above the resistance of the trading range.  Add to that, volume hasn’t picked up yet.  So for those reasons, I’m not yet ringing the bull market bell (if there was such a thing).

The DJIA is staying above the 50 & 100-day moving average, with the 100MA serving as a support.  That’s good.  The 50MA has yet to turn up to cross above the 100MA.  That’s bad but not necessarily disastrous.

The MACD has its fast line crossing above the slow line once again giving us an indication that there could be some follow through rally moves by next week.

It might be a good time to pick up something after watching Pacquiao-Hatton and/or Game 7 of the classic playoff series of the Celtics & the Bulls.

Recommendation: Buy
Support: 8200