Despite a sharp decline in May-June, the Dow Industrials remains above the Bullish Support Line extending up from the October low. The red "A" marks the October column. This line sets support right at 12000. A break would reverse the current uptrend and require a red Bearish Resistance Line to be drawn from the May high.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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