Friday, September 03, 2010

One month chart and comments on the Dow

As you can see from the chart below, the Dow reached 10,451 today as a high, which coincidentally is just under the 200 day Moving Average. This has proven to be a significant resistance level for the Dow.

Below, the one month chart, of the S&P 500, shows that the S&P has lagged the Dow in approaching its 200 day Moving Average. So while today is a feel good day for the Bulls, they have yet to go over this important Resistance level. Overall, we remain in a tight range but the swings cause emotional trading, rather than measured trading.

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