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May 16, 2006 Charts and Commentary |
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In spite of the market moving down, the Indexes are still holding some important support levels as we will see today. First, the DOW. Note its price chart. Yesterday, the DOW exactly hit a Major Support Level and then bounced up at the end of the day. *** This leaves open the possibility for the DOW to move up to its previous all time high.
The Transportation Index is below, and its pullback in the last few days didn't even take it to its support line. Technically, the Transportation Index is still in its up trend.
In our last chart, we'll look at the Russell 2000 index. In the past few days, it broke its Rising Wedge to the downside which is negative. However, yesterday, the Russell dropped down to a support level as seen on the chart. This becomes an important level for it not to break to the downside and an opportunity for a bounce up from here.
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Marty Chenard StockTiming.com is dedicated to Stock Market Investors who want the best information on stock charts, stock market trends, stock market timing and technical analysis. Be My Guest and Take Advantage of Our Free Membership ... Get a Free Membership to StockTiming.com ... Youll receive important daily messages before the market opens and direct links to todays important web pages. Information and messages that are often not posted on our website. There is no obligation or expectation on our part ... it is just our way of proving our accuracy and timing expertise to you. Please click here for your Free Membership. Copyright © 2006-2008 Marty Chenard Image rendition and html coding Copyright © 2000-2008 SafeHaven.com « BullionVault.com -- Buy gold online - quickly, safely and at low prices » « Opinions expressed at SafeHaven are those of the individual authors and do not necessarily represent the opinion of SafeHaven or its management. Articles are available via RSS/XML. Please visit RSSHelp for instructions. » |
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