May 22, 2011

DOW JONES Weekend Update

  • Daily chart shows price near the support level which is 12430.
  • Price closing below this level will favor bears.
  • Getting support here and breaking the resistance line shown in first chart can be used to go long.
  • Price is near 50 DMA and this Moving average has given good support for bulls in the recent past as shown in the chart. So for moving down Bears should try to close price below 50 DMA.
  • SPY WEEKEND UPDATE
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