Dow Jones has completed a 61.8 fibonacci retrace from 2003 lows to last years 14000 ish highs. Last night looks suspiciously like a technical completion and a bounce should follow. I wish i could put the DJIA chart up to demonstrate, but i am at work and have no access to my data. The XJO also is pretty close to a fibonacci retracement level- the 50% from memory at 4400, other TA ers might be able to help out here. So for mine it is purely a technical play. Some good pending news such as expected rate cuts would also be impacting positively on the index.
