Dow ended a volatile week on Friday. The index was up above 400 points for the week.
The phase chart is showing a recovery for the Dow since it moved into “Bearish” mode on 21 May 08. It closed above the 50 day moving average for the first time in 55 trading days. The 200 day moving average is now at 12512.
It is possible that this may be a false breakout but the “Bears” will definitely be on their toes this week to see if they need to cover their positions.
The phase chart is showing a recovery for the Dow since it moved into “Bearish” mode on 21 May 08. It closed above the 50 day moving average for the first time in 55 trading days. The 200 day moving average is now at 12512.
It is possible that this may be a false breakout but the “Bears” will definitely be on their toes this week to see if they need to cover their positions.
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