The Dow posted an inside day with a lower close on Monday as it
consolidated some of last week's rally. The low-range close
sets the stage for a steady to lower opening on Tuesday. Stochastics
and the RSI remain bullish signaling that sideways to
higher prices are possible near-term. If the Dow extends the rally off
January's low, the 50% retracement level of the October-
January decline crossing at 12,915 is the next upside target. Closes
below last Thursday's low crossing at 12,250 would signal
that a short-term top has been posted.
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