It took a couple of big days to get the Dow back above the 10,400 level but last week's reaction rally has managed to do the trick and allowed the Dow to finish at 10,471. But will it last? The technical signs aren't convincing:
With Friday's weak close, declining volume and the 50-day moving average moving below the 200-day moving average, things are primed for a quick re-test of the 10,400 level. On the positive side, the MACD and Chaikin Money Flow indicators are still rising. It should make for a very interesting week coming up.
Let's see what our other commentators think...
About the author:
Chip Anderson is the founder and president of StockCharts.com.
He founded the company after working as a Windows developer and corporate consultant at Microsoft from 1987 to 1997.
Since 1999, Chip has guided the growth and development of StockCharts.com into a trusted financial enterprise and highly-valued resource in the industry.
In this blog, Chip shares his tips and tricks on how to maximize the tools and resources available at StockCharts.com, and provides updates about new features or additions to the site.
Learn More
