Dow Jones Industrial Average
Coming off as expected last week, Friday’s bounce leaves the Dow with a critical barrier from 12,130 to 12,200.
• It remains to be seen if the Dow will manage another breakout move in coming days, but it looks possible, with a test of 12,130 if not nearer 12,200 expected.
• We view 12,020 as the first support of importance, but if it fails there may well be a pullback to the 11,800-11.700 range.
• A breakout above 12,200 will have 12.260 to 12,280 as the immediate target.