PRE OPEN TECHNICALS
Markets had an ugly day yesterday on the heels of some not so great shopping news from WMT and a crushing in the dollar.I expect some continued weakness for the balance of the week and maybe a turn at the 50 day SMA or somewhere near the 1365/1370 level on the SPX. That would equate to a DJIA number near or slightly under 12,000.
posted by DAVID at
7:59 AM
1 Comments:
I agree with your analysis but I use the weekly with the EMA 90 and it appears to me that the INDU probably needs to hit 11600 or 11400 to get the relief it needs.
It will probably take several months to get there (I hope) but right now it's coiled tighter than a spring and needs to get a lot of the tension out of it.
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