August 18, 2010

Dow Jones futures before opening bell

  • As expected from the below chart the correction is getting deeper

  • Dow Jones futures gave a good breakout above 10360 Yesterday and was followed by a near 100 point rally. But the index was not able to sustain at higher levels.
  • Today it has given away most of the gains. We had an intraday dip below 10360.
  • If the index goes below 10360 again the correction may become deeper.
  • As long as the index trades above 10360 long trades can be initiated. 

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