Spread Betting Opportunities: November 26, 2007
Monday November 26, 2007
This edition of Spread Betting Opportunities takes a look at the prospect for the Dow Jones in the days ahead.
Short Term Market Outlook: Dow
The most recent chart of the Dow Jones Industrial Average.
The gain of almost 182 points in the Dow Jones Industrial Average on Friday should not mask the fact that the index was still down over 195 points for the four-day trading week.
Subscribers to the Market Timing Update would note that in my last analysis of the Dow, I stated that the index was about to retest its recent lows for evidence of price support and that if that support materialised, then it should act as a springboard for a move higher.
Indeed, the events of the past few trading sessions have been in line with these expectations.
From current levels, the evidence suggests a continuation of Friday’s rally in the days ahead. The immediate overhead resistance area is sitting nearby at 13060 which is about 80 points away from Friday’s close but the strength of the underlying bullish sentiment suggests that that price level is likely to be exceeded, with the next important upside price target/resistance level then being around 13300–13345.
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