The Dow closed lower on Friday as it extended this week's decline and
is challenging the long-term uptrend line crossing near
12,148. The mid-range close sets the stage for a steady opening on
Monday. Stochastics and the RSI remain bearish signaling
that sideways to lower prices are possible near-term. Closes below the
reaction low crossing at 12,112 would open the door for
a larger-degree decline during 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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