DJIA Outlook for Jul. 13 – 17, 2009
Posted by Bonner Dytoc
Monday, July 13, 2009 9:11
Monday, July 13, 2009 9:11
Posted in category DJIA Outlook, US Market
No Comments
The DJIA continues to correct from the highs it made in June. There is a small head & shoulders formation that already broke the neckline. This could bring the index down to 7650.
The 100-day moving average may serve as a support at 7995, but I don’t know if that will be a strong support considering momentum to bring the DJIA down to lower levels is gaining once again. Speaking of momentum, the MACD is showing us that the index is steadily descending without letup. We should expect some correction for this week.
Time for shorters to celebrate?
Recommendation: Sell or short
Support: 7995
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