Dow Jones Chart – 10 Year Monthly – July 17, 2009
I charted the past 10 years monthly price action for the Dow Jones Industrial Average ($DJI) ending 7/17/09 while the DJIA was closed at 8,743.94. I went back 10 years to get a better feel for where the chart says we’re heading over a longer period than a 3-6 month chart my forecast. I still found conflicting indicators.
On the bearish side, the same trend line that used to be the declining support line of lower lows is now acting as a declining trend line of resistance with lower highs touching the line. The rest of this month could break that for us if this mini-rally has better legs. The 200 month moving average comes in just at the same spot as that trend line and is adding to resistance.
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