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Sunday, May 27, 2012 9:33:26 PM
Amateur Investors Weekend Stock Market Analysis (5/26/12)
http://www.amateur-investor.net/Weekend_Market_Analysis_May_26_2012.htm
The Global Dow Index (GDOW) which is a good indicator of world market conditions continues to exhibit a Head and Shoulders Top pattern. It appears the GDOW may test it's Neckline support area (yellow line) this Summer which is just above the 1550 level. In addition also notice the 61.8% Retracement Level from the early 2009 low to the 2011 high is just above the 1550 area as well. Thus the 1560 area appears to be a major support level for the GDOW this Summer.
Meanwhile in the longer term if the Neckline support area were to be broken then we could see an eventual retest of the previous 2009 low based as a large "ABC" corrective pattern evolves from the late 2007 high.
http://www.amateur-investor.net/Weekend_Market_Analysis_May_26_2012.htm
The Global Dow Index (GDOW) which is a good indicator of world market conditions continues to exhibit a Head and Shoulders Top pattern. It appears the GDOW may test it's Neckline support area (yellow line) this Summer which is just above the 1550 level. In addition also notice the 61.8% Retracement Level from the early 2009 low to the 2011 high is just above the 1550 area as well. Thus the 1560 area appears to be a major support level for the GDOW this Summer.
Meanwhile in the longer term if the Neckline support area were to be broken then we could see an eventual retest of the previous 2009 low based as a large "ABC" corrective pattern evolves from the late 2007 high.
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