Dow 9447.11
I mentioned earlier that for the short term 9700 is an important level to watch. The level came and went by! At close today, Dow dropped 508 points to close at 9447.11. This means that it has broken its 5 year support. If Dow moves below 9333, then it completes a 33% retracement from the highs of October ’07. Since it’s very close to its support range, I would wait and watch till further trends emerge. An intermediate bounce would come by, though the medium term trend is down.
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