DaBoyz squeezed the Indoos hard enough Friday afternoon to recoup two-thirds of earlier losses, but they’ll need to do much better on Monday to keep the rally going. Specifically, it would take a push exceeding 25,332 to turn the hourly chart impulsively bullish. That’s where a technically significant peak was made on the way down last Wednesday. Looking at a much bigger picture, the failure of the Dow to surpass the 25.449 ‘external’ peak recorded on March 12 (see inset) at last week’s high is telling. Just 50 points higher and bulls could have refreshed the bullish energy of the daily chart, generating a robustly bullish impulse leg for the first time in more than a month. Instead, they’ve let the blue chip average roll down in tandem following a trend failure similar to one that has developed in the S&Ps.
