Dow Jones (12361) : Intermediate trend : Sideways
In the last review we said “Technically, the bulls are likely to stage a comeback, at least for the time being, if the critical area of 11500-11444 remains protected. “
The Dow scaled hefty 594 points since the last review. Further it has strengthened the short term positions, and now the slide is possible only if 12077 taken on close basis.
As mentioned in the last review, 11500-11444 will continue to act as an intermediate support (stop) for the bulls. Before that 12077-11951 will continue to act as a strong support for the bulls.
On the upside expect a target area of 12815-12841 in the next few days/weeks.
The second fastest growing economy in the world has witnessed withdrawal of two “IPOs” due to adverse market conditions;Whereas the “recession” (?) hit US market has successfully completed (the record $15 billion) IPO of “Visa” which got listed with 36% premium.
