This is the Dow Jones Industrial Average (September 26, 2011 close) point and figure chart. This is a 100-point box chart (each box along the side represents 100 points on the Dow Jones).
All charts are courtesy of Dorsey Wright & Associates
Dorsey Wright offers a free two week trial subscription, I encourage you to check them out.
We have been range-bound between 11500 on the high side and 10700-10800 on the low end since early August.
The overhead resistance line now sits at 11400. So if the market continues its’ range-bound ways, we are going to have a big test if we can get up near that 11400-11500 point. A break THROUGH those levels would help put the market in a positive trend.
Of course, if the resistance line holds, we could be looking at more downside. It is still risky out there.
All charts are courtesy of Dorsey Wright & Associates
Dorsey Wright offers a free two week trial subscription, I encourage you to check them out.
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