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Friday, September 7, 2012

WALL STREET : Dow Industrials hit multi-year highs on ECB, jobs.

DJIA Technical Analysis 07 Sept 2012
The Dow closed higher on Thursday and above the 20-day moving average crossing at 13,152 confirming that a short-term low has been posted.

The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term.

If the Dow extends today's rally, August's high crossing at 12,330 is the next upside target.

Closes below the June-July uptrend line crossing near 12,955 would confirm that a short-term top has been posted.

First resistance is August's high crossing at 13,330.
Second resistance is May's high crossing at 13,338.
First support is Tuesday's low crossing at 12,977.
Second support is the June-July uptrend line crossing near 12,955.

The Dow Jones Industrial Average DJIA +1.87%  surged 244.52 points, or 1.9%, to close at 13,292.00, its highest close since Dec. 28, 2007 while the S&P 500 logged its highest close since January 2008 and the Nasdaq notched its best level since November 2000. All three had their best day on a point and percentage basis since late June. 


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