Technicals

Dow Still Has Potential For Pull Back To Trend Line Support

Tuesday, 29 Sep 2009 8:43 EDT at 8:43 by John Rivera · Leave a Comment 

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The Dow saw near-term support yesterday but we would need to see a move above 10,000 to negate the theory of a test of trend line support near 9,250.

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The S&P 500 broke back above resistance at 1,052- the 50.0% Fibo of 14,402-6,667 but we will need to see it surpass the 9/23 high of 1,080 to negate the possibility of a retrace back to 1,000 where we are also seeing trend line support.

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The NASDAQ found support ahead of former resistance at 2,063 the 50.0% Fibo extension of 2,861- 1,265, which may now serve as support. A break above 2,167-9/23 high would leave potential to 2,251-61.8% Fibo retracement.

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