Sand Spring Advisors LLC
DJIA: Capped at 8105
April 1, 2003
by, Barclay T. Leib
Chart constructed using Advanced GET End-of-Day
This is just a short note on the short term DJIA hourly chart rhythm. Monday brought a sharp opening break lower in all the major U.S equity indices, an attempted rally throughout day, but then an eventually weak close.
For our money, and per the chart above, as long as we now stay below a daily close of 8105 on the DJIA, pressure should continue most immediately to the downside. A 76.4% retracement of the March 12-21 upswing near 7681 beckons.
Therafter, we will need to be on our toes for a short-term minor rally/bounce of some sort, but overall, April looks set to open on a rather nasty note.
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