Losing Upside Momentum

08/19/2008 12:00 am EST


Thomas Aspray

, Professional Trader & Analyst

Increased selling Monday with all the major averages closing lower. The Dow, as represented by DIA, closed just above its daily uptrend. The short term momentum has turned lower, violating its uptrend. Next good support at 112 (Dow 11,200) with resistance strong at 119-120 (Dow 11,900-12,000).

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