Wednesday, November 17, 2010

Dow Jones Daily Review, 16/10/2010

The Dow Jones drops 15 points, slightly above the 11000 support level on Wednesday after trading between +19 and -33 points as investors weighed inflation and housing
reports. The Dow Jones fell 15 points after government reports showed consumer prices held near historic lows in October, while new home construction was weaker than expected.

Meanwhile, the Euro Stoxx index rose 0.5% as Britain, which is not part of the 16-nation bloc that uses the euro, offered Wednesday to provide additional support to Ireland beyond what it gets from the European Union or the International
Monetary Fund.

On Wall Street, we maintain our negative view on Dow Jones after the breach of the near term supports of 30-days SMA and 40-days SMA. There could be more downside pressure to 10700-10800 zones should the 11000 level psychological barrier is broken soon, upside target is situated around 11500-700 points.

Daily Dow Jones review show that if it breach through the 11000 level, the index will be falling further to 10700-10800 zones.
Source: Stockschart

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