O.T. The DOW is approaching an important support level.:>)
After the "Reversal Day" of Nov21, the H on Dec5 was 9,151 and the H on Jan8 9,175
On Nov21 the H was 8,121 and the C was 8,046 So, the 8,000 level is then an important support, besides the 'psychological' impact of the number.It has not been violated since Nov21
If the DOW trades below the 8,000 level tomorrow, but it can close above 8,205 we may have another "Reversal Day" and the possibility of retesting again the Jan8 H.
But if the DOW closes below the 8,000 the next step will likely be to retest the Oct10 L at 7,773 and or the Nov21 L at 7,390 with a possible acceleration of the downtrend like in the first week of Oct.
It seems that this week will be another interesting week. :>)
bigcharts.marketwatch.com
Bernard |
