The weekly 15/40-wk EMA remains in a bullish trend. One reminder of the weekly EMA data is that since it is weekly the calculation is done on the close of the market on Friday. This procedure eliminates all the noise that occurs on a daily basis. Therefore, the EMA signals that I use to generate buys and sells on based on Friday's numbers. Saying that, I do use daily readings (See the following chart.) to get a feel for the short-term market moves. As you can see from the following chart, the support at 17,650 was taken out today. Can anyone say, Grexit? Where do we go from here? For the near term, 17,000, which is the February low, seems like a good possibility. However, my main technical tool for making investment decisions is the "15/40-wk EMA." That is, when the 15-wk EMA > 40-wk EMA, the primary trend is up (bullish), which is still the status as of today. When the 15-wk EMA < 40-wk EMA, the primary trend is down (bearish). Of course I will update the weekly EMA chart of the $INDU after the market closes on Friday.
If you can not make out the information on the chart, simply double click the chart to enlarge it.
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