The Dow closed just above its 200 day MA/ 40 week MA (5 days = 1 trading week, 200 days/5 days= 40 weeks). This also corresponds with a breach in significant trendline support now turned resistance dating back from July 18, 2006.
The Dow will have to close above this trendline today and for the remainder of this week for its upward momentum to continue. The Yen pairs strengthened off of this move 350+ point move. For now it looks like the Dow has its head just above water. Look for weakness to continue as the subprime nightmare still looms.
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