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Dow Analysis 6-18-10
We are currently at the top of the channel and the recent push up is seemingly running out of steam. The indexes are forming a Bull Flag chart pattern so the market could just be resting before another push higher. The volume on the recent bullish move has not been notable so the quality of the move is questionable. The 200 SMA has been breached to the upside so that bodes for continued bullish movement, however the last three trading days have not followed through on the bullish momentum. I feel that the indexes will retrace to test the topside of the 200 SMA so that will be significant if it holds. If we break back down below the 200 SMA, we will continue to trade in the recent channel.
