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Friday, September 25, 2009

DJIA Update

Dow lost 120 points in two days. The closing last night was supported by the two trendlines in thick blue. There might be a short term technical rebound but I think the 120 points loss has not fully addressed the RSI divergence. After the rebound, they may head lower to touch the thick black trendline ( or there may not even be a rebound ). What I am trying to say is that the thick black trendline looks set to be the mid term support and the thin blue trendline is the longer term support.