Watch Dow for leads
Posted on Monday, June 9th, 2008 | In Current Market News, Stocks to Watch
Contributed by: Declan Fallon (http://www.zignalsblog.blogspot.com) -
Friday was a whopping hit on the averages, but the Dow really took it on the chin. The Dow Bullish Percents dropped to 40%, leaving them at the 38% retracement line for the Mar-May advance. Another few points lost and a complete retrace to March lows is likely.
Although the Dow is hardly representative of the market as a whole it does give an inkling as to what might happen for its cousin the S&P. The Dow is precariously close to another run on January-March lows; with my earlier measured move target of 12,055 likely a day or two away.
Consequently, it could mean greater pain for the S&P:
Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts and stock charts website
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 About Declan Fallon (http://www.zignalsblog.blogspot.com)
Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts, and stock charts website. It's our job at Zignals to give market participants all the information they need to make informed decisions; both fundamental and technical. |
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