Dow Jones Industrial Average Daily – July 11, 2012

Dow Jones Daily -

Another down day, but we cannot confirm the end of complex wave 2.  The downside scenario just got stronger as the Dow fell below the green support line and managed to close at or just below this line.  For this to be the start of wave 3, we would have expected to see a bigger drop this week.  This does not rule out the start of wave 3 down.   The MACD has now turned over to the downside.  We could see downside momentum in the Dow pick up tomorrow.

 

Click on chart to enlarge Dow Jones Industrial Average Daily – July 11, 2012