Wednesday, February 04, 2009

DOW Chart - heading for a breakdown?

Since the Dec/Jan rally the DOW has been looking weaker by the day and strong support levels are likely to be tested soon.

Note the low point on the daily chart below - 7,449. If we fall below it, 7,200 (last seen in 2002) becomes the next support level.

Dow Daily Chart



DOW Weekly Chart



Closing:

Quite a bit of heavy economic data is due for release this Thursday and Friday - includes: Initial Claims, Factory Orders, Earnings and Unemployment Rate.

Baring the unexpected release of any "fantastic" economic news, I think 7,400 may be tested later this week...

DOW: Where's the Floor?

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