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Summer Consolidation

 
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PostPosted: Mon May 28, 2007 12:14 am    Post subject: Summer Consolidation Reply with quote

The Dow Industrials weekly chart, since 1990, shows it's a rare event when both RSI and ULT are over 70. Consequently, a pullback should take place soon. However, the CBOE Put/Call 40-week MA is market bullish. Also, I may add, the point & figure chart (not shown) has a bullish price objective of 13,650, which was nearly reached last week. It's likely a pullback will be limited and a consolidation will take place over the summer. First major support is 13,250.

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