Dow Jones continues to deteriorate. A possible head and shoulder pattern might be formed. Traders must be cautious. I didn’t trade any stock today. Here is a quick chart of the Dow. Notice the next key support is at 8200. The dow opens lower today, hits that support line and bounced back later today. If dow breaks that support line, future decline may be ahead. Both Macd and Stochastic look bearish. Let’s see how it performs tomorrow. 

This entry was posted on Monday, July 6th, 2009 at 10:43 am and is filed under Daily Stock Picks, Dow Jones. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.