Friday, July 29, 2011

Dow Jones Crucial Uptrend Line Support Near 12100 Points, 29-07-2011

Wall Street recap: Dow Jones drops 63 points for a 5th straight losses of 484 points
The Dow Jones jumped as much as 82 points intraday following reducing weekly jobless claims and a slew of positive earnings results. However, the positive trend reversed in the final hour of trading to end 62 points lower at 12240 points as investors nervously awaited lawmakers to hash out an agreement on the deficit before the 2 Aug deadline.

Overall, the Dow Jones had fallen 3.8% for the 5th consecutive sessions as the debt feud continued to take its toll, as traders and investors became increasingly concerned that Congress will be unable to develop a strong enough fiscal plan to stave off a downgrade of the U.S. AAA credit rating.

Wall Street Outlook
On Wall Street, near term negative market trend will prevail as the 2 August deadline looms.

As technical indicators are trending lower, we could witness more selldown towards 12100 points, a major uptrend line support since Dec 10. Further support is 11973 (200-d SMA) and 11822 (2-month low).

Daily Dow Jones: Crucial Uptrend Line Support Near 12100 Points To Prevent Further Selldown


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