Dow Averages at Key Resistance
10/27/2010 10:28 am EST
The Dow Industrials and Transports have reached key resistance this week that corresponds to the April highs. The upside momentum has slowed over the past two weeks, and it will likely take a strong burst to push the Industrials above 11,258 and the Transports above 4812. Working against an upside breakout are the convergence of events next week including the midterm elections, Federal Reserve meeting, and the jobs report. The Industrials have first strong support in the 10,720 area, while the Transports have major support at 4530.
Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.