stepping up to the plate wednesday., page-4

In America:

Dow Industrials +1.31%
Dow Transports +0.86%
SP500 +1.17%
Russell 2000 +1.4%
Nasdaq100 +1.15%

Comment: The market was generally strong – but the Dow 30 only went back to near term resistance. Volume needs to pick up if this rally is to continue.

NewHighs/NewLows 33/54. NL>NH. The ratio of NH/(NH+NL) is at 37.9%. A disappointing figure given the strong day on the market. New Lows are back above 50 showing a lack of confidence in this move.

Technical Comment on the Dow 30:

The Dow finished at 12554.2. Near term Support/resistance: 12368/12580.
Indicators:
Stochastic: 79.6. Positive.
RSI.9 is at 55.9. Positive.
MACD Histogram. Above zero. Positive.
MACD. Above zero. Positive.
CCI.14: +68.8. Positive.

The 10-DayEMA is below the 20-DayEMA. Negative. 10-DEMA is pointing up. The Index is back above the 20-Day EMA.

The medium term trend is down. The short term trend is up.

The German Index remains within a symmetrical triangle. Synchronised moves by the Dow 30 above horizontal resistance and Dax above oblique resistance on better volume would be bullish.

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