The recent rally in the DJIA hit a peak of 11,698 just 2 points shy of the 200 week moving average at 11,700 and has subsequently lost 350 points in 2 days. We will quickly re-test the 10,700-10,800 support area enroute to a move that may well take us to 9,000
The S&P 500 has fallen back below the pivotal 1,254-1,257 support area after a marginal weekly close above last week. If this is sustained into tomorrow’s close we maybe back on track for a sharp move below 1,100 in the coming weeks just as we saw in March/April 2001
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