Thursday, January 31, 2008

Resistance Holds In the Dow



Just a quick recap on what the Dow jones Industrials did yesterday technically.

The dow rallied sharply off the fed announcement but then stalled at resistance. The dow rallied up to the previous low from November which also coincided with the 50% retracement level of the sell off from December to January.

Below is a 1 minute chart of the dow which shows the nasty reversal that took place after 3:00... I'm sure that move down in the last hour caught many traders on the wrong side of the market.

3 comments:

Princess said...

Hi glad to see your blog. Whats good stock to buy right now?

Joe said...

Looks like we are pushing thru the resistance today. Looks like we put in a meaningful bottom in my books.

Joe

Kevin said...

The market still hasn't cleared the resisitance yet Joe...We'll see what happens.

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