Thursday, March 17, 2011

Daily Dow Jones: Crucial Support Around 11400 - 11500 Levels Before Heading Towards 200-D SMA, 17-03-2011

On Wall Street, the Dow Jones crumbles on sour economic data and deepening nuclear crisis in Japan. The Dow tanked 2% to 11613 points amid worsening nuclear crisis in Japan, disappointing Feb housing starts of 479k (consensus:570k) and rising PPI of 1.6% (consensus: 0.7%).

Sentiment was also dampened by Moody’s downgrades of Portugal’s credit rating to A3 (four steps from junk status) as well as Egypt’s to Ba3 (three levels below investment grade).

Risk aversion is still prevalent as the yield of 10-year US treasury fell to 3.21% from 3.32% late Tuesday.

Daily Dow Jones: Crucial Support Around 11400 - 11500 Levels Before Heading Towards 200-D SMA.
DowJones17-03-2011

Source: StockCharts

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