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The New DU. Reply #51: Retrace points
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midwayer
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Wed Jul-21-04 03:58 PM
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The SPX and the Dow broke thier 200 DMA's, could not reverse and signals probable more selling
Just some key points to watch for
On a Dow weekly chart, from the March low of 7416 to the high of 10753 the 38.2 % retrace is 9475 and 50 % is 9085
There is a key trend line within a hundred points of the 38.2 fib
Looks like the shorts & sellers have come out to play for a bit
maybe a relief rally so use caution
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