Dow Jones Industrial – outlook for September 24, 2014

Second down day in a row for Dow-30. The index has lost 300 points since the all-time high marked last Friday. Practically the index has made no price progress in the last 3 months, consolidating around the 17K area. There is good support down to 16.800 and weakness in the following days could target this price area. It is normal to see a retest of crucial support levels after an all-time high has been marked. To strengthen the bullish case, the index needs to breakout in a conclusive way soon.

Dow Jones Industrial, daily chart:

DJIA_daily_20140923

Chart courtesy of StockCharts.com. http://stockcharts.com

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