By InTheMoneyStocks on July 11th, 2010 5:12pm Eastern Time
What a week it was for the Dow Jones Industrial Average (INDEX: DJI). The highly followed index gained 512.00 points from the close of last week. In the previous Weekly Market Report I pointed out the 96.00 area as a support and mentioned that the market will rarely rollover when everyone is expecting it to do so. This week the head and shoulders top formation that was in place and being viewed by everyone is now a failed pattern which can often lead to a large move in the opposite direction. This is exactly what occurred last week. This coming trading week is also an options expiration week which is usually very choppy and volatile. Something interesting to take note of is that the only two corrections prior to the April 2010 top were for about 7-8 percent each and this recent correction was for around 15 percent from peak to trough before this week's bounce. Symmetry anyone?
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