Heading for the long weekend markets closed in a weaker bias with the DOW even closing on the lowest weekly close thereby counting to 10. The Dow closed below 8000 and increased negative momentum but the SPX did not confirm as it stayed above the 805 support. Nevertheless its only a matter of weeks that the markets tests the NOV lows and even makes new ones to mark the low for the first half of this year. The BKX index gets closer to its target area around 24/5 which needs to be tested in order to mark the low. The Dow will have to test the 7000 mark within 4 weeks. As next week with have expiration week for options and the Obama team will shoot on all available stimulus canons next week we might hıold up but the trend remains clearly to the downside.
Friday, February 13, 2009
DOW tech update
Heading for the long weekend markets closed in a weaker bias with the DOW even closing on the lowest weekly close thereby counting to 10. The Dow closed below 8000 and increased negative momentum but the SPX did not confirm as it stayed above the 805 support. Nevertheless its only a matter of weeks that the markets tests the NOV lows and even makes new ones to mark the low for the first half of this year. The BKX index gets closer to its target area around 24/5 which needs to be tested in order to mark the low. The Dow will have to test the 7000 mark within 4 weeks. As next week with have expiration week for options and the Obama team will shoot on all available stimulus canons next week we might hıold up but the trend remains clearly to the downside.
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