Dow Jones Industrial pulled back a little and closed just a hair line below 11,000. The volume was slightly higher than average. If it holds up at 11,000, it’s more likely we will see some movement on the upside in the comming days and weeks. However, if the 11,000 does not hold up, we expect to see it at the support level 10,700.
Dow Jones Industrial reached new high
Dow Jones Industrial reached new high today. The volume is decent, so we may see some follow-through next week.
Going sideway for a while?
Dow Jones Industrial looks like going sideway amid earning announcements and change of feds’ chairman.
Overhead resistence
INDU has to break this SMA 50 to be on the bull side. Bears will be shorting at the resistence level around 10,900 and 11,000.
Dow Jones Industral above 11,000
Looking at this five-year chart of INDU, we can see we have again approached and crossed the 11,000 line. With the base built over last two years after 2003 all year long steady climbing up, we may enter a new uptrend from here. We need to see some follow-through after breaking 11,000 with decent volume.
