DJIA Dow Industrial Average (8200)

9028The Indoos bottomed yesterday in a perhaps too-obvious place, inches above the 8118 low recorded on December 5. DaBoyz could make their stand here, building on yesterday’s seemingly well controlled accumulation, but my hunch is that they’ll let the DJIA slip a bit lower before risking their ill-gotten capital. If so, we should look for a tradable bounce from around 7985, a midpoint Hidden Pivot support the provenance of which is shown in the accompanying chart. If that support should give way, signaled by a two-day close beneath it, the Dow would be warning of further jeopardy over the near term to as low as 6883. _______ UPDATE: Down 200 points in the early going, the Indoos got traction at 7995, just 10 points from our midpoint target. With an hour to go in the session, they’d bounced 250 points from the low.