As the Dow Jones continues its march higher, along its strong uptrend, the Dow is currently standing just below is major (mostly psychological) resistance level of 10000. As I announced a few days ago, I expect the Dow Jones to go over 10000, most likely this week, and possibly as soon as tomorrow. If the Dow Jones does indeed go over 10000, you can expect to see it continue as high as 10100-10150 before pulling back again. A small pullback should send the Dow Jones not lower than 9600, where it has very strong support at its 50 day MA. No correction is in sight, until and if the Dow Jones does eventually break its upward trend and thus cross sharply below its 50 day MA. The Dow Jones for now remains a HOLD for traders who are already investing in the market at previous levels. Other traders looking to enter positions should WAIT and see if the Dow Jones does indeed go over 10000. However, taking positions at this point risks seeing a pullback once the Dow Jones reaches 10150.
Wednesday, October 14, 2009
Dow Jones - 10100-10150, Coming Soon...?
Dow Jones - HOLD (WAIT)
As the Dow Jones continues its march higher, along its strong uptrend, the Dow is currently standing just below is major (mostly psychological) resistance level of 10000. As I announced a few days ago, I expect the Dow Jones to go over 10000, most likely this week, and possibly as soon as tomorrow. If the Dow Jones does indeed go over 10000, you can expect to see it continue as high as 10100-10150 before pulling back again. A small pullback should send the Dow Jones not lower than 9600, where it has very strong support at its 50 day MA. No correction is in sight, until and if the Dow Jones does eventually break its upward trend and thus cross sharply below its 50 day MA. The Dow Jones for now remains a HOLD for traders who are already investing in the market at previous levels. Other traders looking to enter positions should WAIT and see if the Dow Jones does indeed go over 10000. However, taking positions at this point risks seeing a pullback once the Dow Jones reaches 10150.
As the Dow Jones continues its march higher, along its strong uptrend, the Dow is currently standing just below is major (mostly psychological) resistance level of 10000. As I announced a few days ago, I expect the Dow Jones to go over 10000, most likely this week, and possibly as soon as tomorrow. If the Dow Jones does indeed go over 10000, you can expect to see it continue as high as 10100-10150 before pulling back again. A small pullback should send the Dow Jones not lower than 9600, where it has very strong support at its 50 day MA. No correction is in sight, until and if the Dow Jones does eventually break its upward trend and thus cross sharply below its 50 day MA. The Dow Jones for now remains a HOLD for traders who are already investing in the market at previous levels. Other traders looking to enter positions should WAIT and see if the Dow Jones does indeed go over 10000. However, taking positions at this point risks seeing a pullback once the Dow Jones reaches 10150.
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