Taking A look At the Dow Futures Technicals. Up 36 points Over night.
Jan 13, 2009 Small Cap Stock Picks, Technical Analysis
Today was another rough day for the general market as the dow itself fell another 125 points. The Dow Peaked on Jan 6th looking like we could possibly be breaking to the upside of 9k finally but this mark was quickly met by profit taking and an abundance of short sellers. The Dow peaked at 9,088 on the 6th and has tumbled the last 4 sessions since to close at 8473 for a total of 615 points.
Even so with the market falling and looking very bearish there has been plenty of stocks to capitalize on the long side such as our latest black service stock picks
FIG – +22%
STKL – +55%
VISN – +12%
so stocks on the long side are still there. I think there is the possibility we could see some more coming in later this week. Currently looking at the 60 minute chart of the dow futures price has retraced down to the ascending trendline support of the triangle that has been forming since late november 07. With neckline resistance at that pesky $9k mark that we can’t seem to break.
Futures are up 36 points currently indicating the likelyhood of a rally tomorrow especially after a week long of selling and down 615 points. So some short coverings and long swings are warrented. Now its just a matter of if this is gonna be a bounce to go make a run at 9k again we just a short term squeeze before we break down this chart pattern.
Earnings season is upon us and i’m pretty sure everyone knows the reports are going to be dark and gloomy. So it would seem upcoming poor earnings are fairly discounted into the market price already. But who knows. What do you think i am a friggin psychic??
Looking forward to the rest of the week 
Technical Analysis: DOW FUTURES
