Dow Jones Analysis 9-4-08 - Dow Jones Industrial Average Technical Analysis

Dow Technical Analysis 9-04-08:

The Dow Jones is trending right along with the 10 day moving average. Monday we put in a short term top at 11,790.17 and failed to break out past the August high of 11,867.11. These are two points for the Dow Jones that you will want to mark down. As soon as we close over 11,790, we will most likely test the next level of 11867. A close over this, and I strongly believe we will go back to test the Dows 200 day moving average which is currently at 12,346. This to me will be a sign that the July 15th lows have held and we will start to recover.

What longs do not want to see regarding the Dow Jones:

A break below 11,400 has always been concerning. I don't think another retest under 11,400 will have a good impact on the markets. A close below 11,290 and we will most likely retest 11,000 and below.

Dow Jones Resistance: 11,790 & 11867
Dow Jones Support: 11,400 & 11,290

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