The Dow closed lower on Wednesday as it extends Tuesday's decline below
the 10-day moving average crossing at 12,438. The
low-range close sets the stage for a steady to lower opening on
Thursday. Stochastics and the RSI are overbought and are
turning bearish signaling that sideways to lower prices are possible
near-term. Today's close below last Thursday's low
crossing at 12,250 confirms that a short-term top has been posted while
opening the door for a larger-degree decline during the
first half of February. If the Dow renews the rally off January's low,
the 50% retracement level of the October-January decline
crossing at 12,915 is the next upside target
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