Weekly Technical Analysis of the Dow Market Index

likesmoney · #1 (**permalink**) 08-15-09, 08:21 AM

likesmoney · #2 (**permalink**) 08-21-09, 08:28 PM

likesmoney · #3 (**permalink**) 09-05-09, 08:41 AM

MTRIG · #4 (**permalink**) 09-09-09, 04:25 PM

I am with you and cannot deny the bearish divergence that continues to show up. The plus for the upside today is the the Advance Decline Line broke out (9/8) to new highs, but the bearish divergence on the daily charts is a red flag.

likesmoney · #5 (**permalink**) 10-03-09, 07:35 AM

mgtrader · #6 (**permalink**) 10-06-09, 01:05 AM

In addition to all the great reasons listed previously, the DOW is still in a long term downtrend. The weekly chart shows this clearly.

Chart courtesy of StockCharts.com - Simply the Web's Best Financial Charts

Depending on how you draw the trend line, the recent top is either confirming the line or is just very close. Either way, the trend line represents substantial resistance.

gotrading · #7 (**permalink**) 10-06-09, 03:27 AM

Yup. There is big resistance around 10K.

StockJunkie · #8 (**permalink**) 10-08-09, 07:54 PM

9917.99 high from Sept 23rd is the price to watch on the Dow. I stopped purchasing long positions and have been moving to cash since two weeks ago.

Great weekly chart mgtrader. Also note (not shown on your chart but there) is that the MACD is closing in on what would be a bearish crossover.

I am cautiously pessimistic.