Dow Tests 200-day Moving Average

The Dow Jones Industrials briefly traded below its 200-day and managed to bounce into the close.  The index is in trouble as it has penetrated the 61.8 retracement level of the April 11 – July 17 move.  The last line of support before a likely full blown correction is the 200-day, 25 Dow points below today’s close.   Note also, the S&P500 closed below its 100-day moving average for the first since April.   Stay tuned.

Dow_Aug7_Key Levels

Dow_Aug7_Chart 1Dow_Aug7_Chart 2(click here if charts are not observable)

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