Thursday, January 6, 2011

Daily Dow Jones' bollinger bands are expanding again to indicate more upside potential, 06-01-2011

On Wall Street, ahead of the key job report this Friday, the Dow Jones rose 32 points to a new 2-year high of 11,723 on 3rd consecutive days, as investors braced for strengthening economic reports.

The private sector ADP payrolls soared by 297k in December 2010 against November 2010’s 92k and above consensus 100k. Meanwhile, the December 10’s ISM activity in the service sector picked up to 57.1, topping consensus forecast of 55.6 and above 55 in November 10.

With the Dow Jones expanding Bollinger bands as well as the strengthening economic data and ADP reports, there could be more upside ahead in anticipation of an improving December 2010’s job data (January 7 release). Immediate resistance level is 11916(upper weekly Bollinger band) whilst support level is 11530 (middle Bollinger band).

Daily Dow Jones' bollinger bands are expanding again to indicate more upside potential.
DowJones06-01-2011

Source: StocksChart

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