Dow Pulls Back from 50-Day Moving Average Intraday

After a strong open, the Dow Jones Industrial Average has pulled back about 100 points from its highs earlier this morning.  As shown in the chart below, this pullback came right as the index bumped up against its 50-day moving average.  The major indices had a tough time breaking above their 200-day moving averages on this current run higher, but they finally broke through last week.  Will the 50-day end up being as tough of resistance to get through as the 200-day was?

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Comments

[Frank Lucero]

The markets had a key reversal today. They went higher and lower than the previous days range.

The bounced off the 50 day moving average and they also hit a 50% retracement of the high and the most recent low.

LOOK out below because here we come

[Jeb]

I have a similar analysis and agree the market will go lower.

http://goldstocktrades.wordpress.com/2010/06/21/second-failure-of-50-day-moving-average-possible-shorting-opportunity/

[Davidw3]

Sorry to dissapoint all you bears out there, the market successfully broke through the 200 day moving average last week after a false reversal the prior days, and ended the week over very positive , we will break through in the next few days on the 50 day average as well after today's fake reversal
and the chase will be on to window dress before the quater's end and move this market and the S&P towards 1172 the next resistance level
the market is now discounting the bad news a scenerio we have had 3 times in the last 10 days, that my friends is the best bullish indicator
one can find besides the technicals
see you at 1172 S&P soon

[Andrew]

The market is either in a Wave 5 headed up to around 1300 (longer term) or it's Wave 4 hasn't completed yet and we're going down to 1010 (shorter term). So, yes, with a serious face, I'm saying we could either go up or down. Now is not a time to pick a direction either way.

[Marrilyn]

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