Dow Jones Update (DJI)
March 15th, 2011
We are getting a bounce off the 100 day moving average today. Moving averages can be areas of support/resistance, but I’m not advising you trade solely off of this. The short term trend is still down. This is what I’m looking for:
Trade Indicator
We hit 11,696 for a low today. I mentioned earlier that 11,800 was the first area of support we could expect. If this area doesn’t hold we will be looking at the area of 11,300 which is the 38.2% retracement level.
DJI Weekly Chart