Forex Investment and Currency Trading

Dow: Last week’s close meant that a bullish weekly reversal was posted, however we would highlight the following

• Other Indices did not post a bullish weekly pattern
• The Nasdaq actually closed down on the week
• There is significant resistance on the Dow between 11,634 and 11,750, which was the Jan 2000 high. The 200 wma also comes within this resistance range.

While the Dow can stretch up in the very Short Term, sustainable gains would not be expected and  the longer-term dominant trend is still down and that the resistance area is likely to be very strong.