Triple bottom DOW with the last hit a higher low and bulls took it for a nice rally. Oil pulled back a little and that was taken as an excuse to buy into an oversold market. However, looking at ES chart (SPX futures), we can see that we are right at convergence of 20 and 50 dma's, pretty tough resistance. Bulls need follow-through to prove their point.
click on chart for full size
click on chart for full size
This entry was posted
on Wednesday, August 31, 2005 at 4:23 PM.
