May 04 2008
Dow Jones Industrial Average ($DJI) Chart – May 2, 2008
I’m back to charting the Dow Jones (aka “DJIA” or symbol “$DJI”) today. It finally broke above 13,000 and even stayed above it on Friday. That put the DJIA above the line of resistance at 13k and since I last charted the DJIA, it broke the lower resistance around 12,700. You can see a new upward channel that has formed starting with the low of January as the beginning of the trend line of higher highs. It has also stayed above the 10, 20 and 50 day moving averages for a couple of weeks.
Due to this break above 12,700, I’m changing my sentiment to slightly bullish on my home page. I went Bearish in January when the DJIA was at 12,500 and should have changed it two weeks ago. At least I’m awake at the wheel again now.
I opted for slightly bullish versus just flat out a raging bull because I [...]
Original post by Alex Fotopoulos