Monday, May 23, 2011

Dow Jones Down 93 Points To Register Its 3rd Straight Weekly Drop, 23-05-2011

The Dow Jones skidded 93 points last Friday and recorded its 3rd weekly decline with a 0.7% loss, as investors grew more wary that Greece will default on its debt.

Sentiment was also dampened by reduced earnings forecasts from Staples (office supply retailer) and Gap (the largest U.S. apparel chain) that undermined confidence in the economy.

Major U.S. economic reports this week are April new home sales (24 May), April durable goods orders (25 May), weekly jobless claims and 1Q11 final GDP (26 May) and April consumer spending and May consumer sentiment (27 May).

Daily Dow Jones Is Downside Bias As Mid Bollinger Band And 30-Days SMA Supports Were Broken


Weekly Dow Jones: A Fall Below Mid Bollinger Band Will Drive Index To Lower Towards 11600-12000 Levels


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