Friday, September 2, 2011

Dow Jones Daily Shows Bearish Engulfing Candlestick Formation Could Signal More Downside Bias

Wall Street Recap: Dow Jones drops 120 points after surging 464 points in four days
The Dow Jones rose as much as 104 points following a better-than-expected August ISM report. However, the gains fizzled off at the final hour and the Dow retreated 120 points on profit taking activities, halting its 4-d rally as investors were wary ahead of a crucial August jobs report tonight.

Sentiment was dampened by extended holidays ahead (Wall Street will be closed on 5 September for labour Day) as well as the White House rapid slash of U.S. GDP growth projections in 2011 to 1.7% (from 2.7% back in Feb) and 2.6% in 2012 (from 3.6% in Feb). Meanwhile, President Barack Obama will give a major speech on 8 September, outlining measures to spur hiring and growth.

Dow Jones Daily Shows Bearish Engulfing Candlestick Formation Could Signal More Downside Bias
DowJones02-09-2011



Source: StockCharts.com

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