The Dow Jones Industrial Average is selling again today, down over 200 points in mid-morning trading, though less in percentage terms than the other indexes. The psychological level of 16000 is again in sight - can the Dow hold this level for the third time? The break below 16000 during the flash crash was quickly reversed, but I'm not so sure if it happens again there will be a quick rebound. Sellers are beginning to overwhelm the buyers. Are the bulls ready to go into hibernation?
The moving averages are starting to bend southward and the longer the Dow stays in this trading range near the bottom of the flash crash 'range' the more likely it will be the bears gain control of this market. Watch 16000. It's not a technical level, but important nonetheless.
The moving averages are starting to bend southward and the longer the Dow stays in this trading range near the bottom of the flash crash 'range' the more likely it will be the bears gain control of this market. Watch 16000. It's not a technical level, but important nonetheless.