Dow Industrials - DJIA Weakness Contained
So far, the BIG picture of the DJIA shows that
the weakness off of the 3/21 high at 11,335
has been contained by the combined support
of the rising 50 DMA and the 6 month trendline
from last Oct.'s low, which cut across the price
axis yest. at 11,060. Yest.'s low was 11,053 prior
to today's bounce. At this juncture, 11,060-11,050
represents critical intermediate term support,
which if violated, should trigger downside accel-
eration that projects immediately towards a test
of the prior pivot low at 10,922 from 3/8.
Conversely, only a rally above 11,200 will relieve
some of the pressure being exerted on the 11,060
support area. MJP 04/12/06 1:50 PM ET (11,127)
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