Tuesday, September 20, 2011

DJIA: Shooting Star Formation Could Signal Short Term Weakness

Wall Street Recap: Dow Jones pares losses to 108 points from 254 points intraday
Following a 4.7% surge last week, the Dow Jones retreated as much as 254 points intraday in tandem with global equities selldown amid concern Greece will fail to qualify for more financial aid needed to avoid a debt default. However, the index reduced losses in the final hour of trading as Greece said discussions with European officials about the country’s bailout were productive.

Treasury yields fell and the dollar index moved higher as investors sought safety in U.S. markets. The 10-year Treasury yield fell to 1.94% from Friday's 2.076%. USD index also gained 0.64% to 77.09.

Daily Dow Jones Shows The Shooting Star Formation Could Signal Short Term Weakness

Daily USD Index: Consolidating Above The Downtrend Line Support
USD Index 20-09-2011

Weekly USD Index: Bullish Medium To Long Term uptrend Towards 81-83 Region
USD Index 20-09-2011a

Source: StockCharts.com

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