Dow Jones Industrial Finally Signals a Hold
May
23
Written by:
5/23/2009 2:09 PM
Dow Jones Industrial Finally Signals a Hold
The Dow Jones Industrial Average finally signaled a hold at the end of this week with all four major indexes now in limbo waiting for a move higher or lower. The charts look like tops with the Dow and the S&P 500 index already completing their top formations. The Nasdaq needs to fall below $1664 while the Russell 2000 can form a top formation with a break below $471.82.
The Week That Was
What looked like a turnaround in housing one day was shattered by a poor housing starts number the next. Some banks got a boost also early in the week with analysts increasing Bank of America's target price and Lowe's beating estimates to give further aid to a Monday rally. But reports on unemployment and housing later in the week sent the indexes lower and changed the bias of some to a more negative view.
The Coming Week
A lot of retailers give earnings this coming week which shouldn't provide much support to a rally that has stalled out. Autozone (AZO) is expected to do well, Big Lots (BIG) could beat expectations with consumers trading down to discount retailers, but that could be all.
There is brighter news on the economic front with Consumer Confidence expected to improve, Existing Home Sales, and New Homes Sales also both expected to be better than the prior reading. Durable Goods Ordered comes out on Friday and could lead some to feel better about the economy. And the Preliminary GDP reading comes out on Friday for the first quarter. GDP is expected to decline by 5.5%. This is better than the previous decline of 6.1%.
This week should provide a signal both technically and fundamentally on the direction the markets with head for the coming month of June.
(C) 2009 FastSwings.com
12 comment(s) so far...
Re: Dow Jones Industrial Finally Signals a Hold
I thought they wold never do it.They did it.
By Andy @ Stock charts on
5/26/2009 7:10 AM
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Re: Dow Jones Industrial Finally Signals a Hold
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By custom web developmen on
5/27/2009 2:37 AM
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Re: Dow Jones Industrial Finally Signals a Hold
Thanks for your nice article. I am sure that, if this product reduce the GDP percentage then it will sure lead some to feel better about the economy
By print & apply on
5/27/2009 4:03 AM
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Re: Dow Jones Industrial Finally Signals a Hold
i think the index would go up again in coming week
By Vancouver web design on
5/30/2009 5:18 AM
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Re: Dow Jones Industrial Finally Signals a Hold
Great point. I hadn’t really thought much about how people make bank off of those free services.markets with head for the coming month of June.
By forex on
5/31/2009 4:43 PM
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Re: Dow Jones Industrial Finally Signals a Hold
Hope the turnaround in the economy should be sooner or later. So that we could move forward.
By Pasadene Events Calendar on
5/31/2009 7:26 PM
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johns island
Durable Goods Ordered comes out on Friday and could lead some to feel better about the economy. And the Preliminary GDP reading comes out on Friday for the first quarter.
By johns island on
6/1/2009 5:30 AM
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Phone Franchise
Hope this signals a turnaround for the world economies
By Phone Franchise on
6/3/2009 5:46 AM
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Re: Dow Jones Industrial Finally Signals a Hold
Finaly! I've been waiting for them to signal it for quite some time.
By Sushi on
6/4/2009 6:04 AM
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firelite
This week should provide a signal both technically and fundamentally on the direction the markets with head for the coming month of June.
By firelite on
6/20/2009 5:37 AM
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Re: Dow Jones Industrial Finally Signals a Hold
Hope the turnaround in the economy should be sooner or later. So that we could move forward.
By web design leeds on
6/22/2009 10:21 AM
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Re: Dow Jones Industrial Finally Signals a Hold
i think the index would go up again in coming week
By roofers west yorkshire on
7/11/2009 8:52 AM
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