Waiting For Confirmation On The Dow

A couple days back we looked at the long-term outlook of the major U.S indexes, but I wanted to look at a more short-term version of that analysis today.

Take a look at the chart for yourself first, and see if you can notice something…

Click to enlarge image

Obviously you can see that we have been on a steady downtrend for the last couple of weeks; however, the Dow seems to be having trouble closing below the 50 day moving average. At the same time, the relative strength index (RSI) is lurking around no man’s land.

Continue to follow the markets over the next couple of days and see what develops. Who knows… MAYBE we’ll get the support we needed.