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This is a redo of the previous blog but with the correct chart. There isn't much difference and our point remains the same however we felt more comfortable with the chart we had prepared for this blog spot.
It looks to us that today is a very important day for the technical condition of the stock market. We provide above the daily chart of the cash Dow Jones Industrials. We don’t think it necessary to go too far into detail. We believe that there are a few points of major significance that simply need to be noted.
The 50 day moving average at yesterday’s close we show as 10445.80. A key low in the Dow was made December 31 at 10423.10. And finally the major up trend beginning with the March low and joined with the July low comes in today at approximately 10570.00. The Dow, currently at 10415.70 as we write, puts all these key levels in jeopardy.
We’d be very interested in additional thoughts, comments, observations and approaches to this UNFOLDING market situation.
Good trading to all
Jeff
CB&S
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