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Dow Industrials - DJIA Weakness Contained


So far, the BIG picture of the DJIA shows that the weakness off of the 3/21 high at 11,335 has been contained by the combined support of the rising 50 DMA and the 6 month trendline from last Oct.'s low, which cut across the price axis yest. at 11,060. Yest.'s low was 11,053 prior to today's bounce. At this juncture, 11,060-11,050 represents critical intermediate term support, which if violated, should trigger downside accel- eration that projects immediately towards a test of the prior pivot low at 10,922 from 3/8. Conversely, only a rally above 11,200 will relieve some of the pressure being exerted on the 11,060 support area. MJP 04/12/06 1:50 PM ET (11,127)

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