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.
Marty Chenard is an Advanced Stock Market Technical Analyst that has developed
his own proprietary analytical tools and stock market models. As a result,
he was out of the market two weeks before the 1987 Crash in the most recent
Bear Market he faxed his Members in March 2000 telling them all to SELL. He
is an advanced technical analyst and not an investment advisor, nor a securities
broker.
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.
Circle Us