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Stretched Dow Industrials

 
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PostPosted: Sun May 20, 2007 8:50 am    Post subject: Stretched Dow Industrials Reply with quote

The one-year daily chart shows the Dow Industrials Index is over 1,300 points above its 200-day MA and RSI is overbought at 80. However, the CBOE Put/Call 50-day MA is still extremely market bullish at 0.99. Consequently, it's likely a limited market pullback will take place beginning next week. First major support is around 13,250 (congestion area). However, it's uncertain whether the Dow will rise to 14,000 before falling to 13,000.

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