Dow is keeling over
Having reached and flirted with the 200-day simple moving average (SMA) at 42,267, the Dow Jones Industrial Average slid below it on Wednesday amid fading investor optimism.
The index is expected to come further off its 42,507 six-week high and slip through its accelerated uptrend line at 41,890.
This week’s price gap between Monday’s 41,899 and Friday’s 41,512 high is expected to get filled. On the way down the 8 May high at 41,773 may offer interim support.
Resistance above the 200-day SMA at 42,267 and this week’s high at 42,507 lies at the late March high at 42,821.