I was peeking at a Dow fave today: PG. What the heck is up with that chart? I have no good read, really, except for my thought that to me, anyway, it plain old looks like it ran out of steam. Now it's been consolidating for a spell and seems like it's at a critical point to me. 89 has held serve, and 50 dma at 88 and then fib retraces galore.
MMM also is a chart that I can't figure, but it, too, seems to have broken some uptrend lines here. Like PG, volume has been decreasing on the rally. However, both of them show decreased volume on the new down moves.
Do these two hold any sway on the Dow anymore? I think so, due to the high prices, so if anyone has a smarter/better read on these than I do, I'd like to hear it.
the freep |
