Friday, March 02, 2007

Dow Jones Industrial Average Remains in an Uptrend

From Chart of the Day:

Investors are very concerned about the future direction of the stock market following Tuesday's significant drop. For some perspective, today's chart illustrates the current trend of the Dow. It is interesting to note that as it currently stands, the Dow has backed off from resistance (red line) and subsequently moved right down to an intermediate term trend line (gray dashed line). So while a sell-off in Shanghai directly influenced markets around the globe, it is worth noting that many of these markets had been rallying themselves and we're exhibiting signs of being overbought.

(click on chart for larger image)
Dow Jones Industrial Average Chart March 1, 2007

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