Technical forecast for Dow Jones

dj

Mini Dow retested 15500/525 highs. As stated, the daily chart remains negative so this should offer a very good selling opportunity with a bearish double top pattern expected & this is exactly what we got. We should now continue lower to 15333 then 15285/55. This is good support today but with the daily chart looking increasingly negative we cannot rule out a break lower for 15181 possibly last week’s low at 15143. We have good support from here down to 15090 with a bounce expected here this week if seen.

Resistance at 15441 could hold the topside today but above here opens the door to a retest of 15500/525 highs.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More