Monday, March 8, 2010

Dow Forecast for 3/8/10

The Dow closed last week at 10,566. Right now, at 1:15 AM EST, all three futures are up and Asia closed higher. After some indecision last Tuesday and Wednesday, the market put in two strong up candles on Thursday and Friday. With the euro back in an uptrend and with 795 new highs being hit last Friday compared to 38 new lows (across the broad market), I can't help but call tomorrow's close higher.

I note also that there is no resistance until 10,600 and the upper Bollinger band is at 10,615. If we crack that, we're due to revisit the early January highs. Last week's close nearly totally erased the sickening slide from 1/20 to 2/05.

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