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Chart of the Week: Dow short term trend break
Posted By Barry Ritholtz On January 15, 2004 @ 2:31 pm In Finance | Comments Disabled
The Dow’s trend line from late June to early December has notably accelerated the past few weeks, taking the index into an overextended condition. Combined with the recent break of the 8 week trend line suggests a possible moderate correction.
DJIA breaks short term uptrend (2 Months)
(click for full size chart)
Source: Gary B. Smith, RealMoney.com 
The longer term uptrend is still well intact, with support coming in at 10,200 and 9850 on the Dow. We expect any short term correction, barring new information or events, to be less than 7%.
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Is the balance of scientific power shifting? 
Quote of the Day:
“Here is the conclusion on which I base my facts.
- Adlai Stevenson 
Article printed from The Big Picture: http://www.ritholtz.com/blog
URL to article: http://www.ritholtz.com/blog/2004/01/chart-of-the-week-dow-short-term-trend-break/
URLs in this post:
 Image: http://bigpicture.typepad.com/comments/DJIA.html
 Gary B. Smith, RealMoney.com: http://www.thestreet.com/p/rmoney/techforumrm/10136827.html
 A Trade Miracle: Volumes Shift, Prices Don’t: http://quote.bloomberg.com/apps/news?pid=10000039&sid=a7ojui7xkjuo&refer=columnist_baum
 CES 2004: Technology Trends: http://www.extremetech.com/article2/0,3973,1435694,00.asp?kc=ETRSS02129TX1K0000532
 The big payday: http://money.cnn.com/2004/01/14/markets/taxbreak/index.htm
 How Parmalat Differs From U.S. Scandals: http://knowledge.wharton.upenn.edu/whatshot.cfm
 It’s hard to be a Bear these days : http://cbs.marketwatch.com/news/story.asp?guid=%7BD25826C4%2DA80A%2D429A%2D9F8E%2D530E175A20ED%7D&siteid=mktw
 Is the balance of scientific power shifting? : http://www.nature.com/cgi-taf/DynaPage.taf?file=/nature/journal/v427/n6971/full/427190a_fs.html
 Adlai Stevenson: http://gi.grolier.com/presidents/ea/side/stevnsn.html
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