With the Dow’s plunge of more than 90 points during the last hour of trading yesterday, the Index’s closing level of 11,257 came within a whisker of registering an ominous technical break on its Point & Figure chart. In fact, the Index needs to breach 11,250 – a mere seven points away – to add another “O” to the chart.
With the Dow future back at about 11,300 this morning the jury is still out, but the picture certainly looks scary enough to warrant caution.
Click here to learn more about P&F charts.
Source: StockCharts.com, November 23, 2011.
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