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March 6th, 2007 • Related • Filed Under
Back to the markets.
It seems that the Dow Jones Industrials formed a nice positive divergence on the 10-day hourly charts and have rebounded some. Be careful! This may very well be a bear trap intended on persuading the bullish investors that the water is safe to cross.
The “bearish” descending triangle is still in tact and there is reason to believe that the market will drift lower. The key area of support can be found at the 12,000 level. Once the index crosses below this point, a drop of an additional 500 points is a realistic possibility before reaching any additional buying support on the charts.
Major moves to come…
More on this topic
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Using 3 Charts To Find The Direction Of the Dow
(The Wild Investor, 8/16/09)
The Biggest “Short” of the Year
(Investment U, 10/25/06)
Dogs of the Dow: A Twist on the Dow Investing Strategy, with 5 Stocks On the “Fly”
(Investment U, 10/20/06)
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