Wednesday, August 10, 2011

Dow At Support - For Now

The Dow has found support at the previously untested August 2010 swing high.  This may prove to be a level that holds for the time being.  At the same time we now have two levels of strong resistance above at the March and June lows, 11555 and 11863, respectively.  Any rally is most surely to fail on the first test of those levels from below.  Another close above 11000 should propel the market toward the March low in short order.

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