Tuesday, July 7, 2009

Stock Market Update - July 7, 2009

This is a look at the hourly price for the Dow. As you can see things got pretty ugly by the close of the session. Not good when you end the day on such a down note. Not all the indicators are oversold ... we still have the modified RSI indicator at the bottom of the price chart that still has some more room to move down.
The blue line which is an indicator of price has topped and now should be moving back down. Today was a 80% down volume day on moderate volume. My thoughts are we will see some price weakness over the next few weeks ahead and maybe extended into the fall ... not to day we should have a small rally or two along the way. The daily chart does not look good.

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