Alcoa Inc is still in a tight trading range of $13.25 to $13.50.
The main break out zone is the $13.90 level. A break above that would secure a $15.30 target level.
Bank Of America Corp is retracing after its long rally.
If market remains bullish, expect $BAC to bounce from the $16.30 or $16.18 level.
Dow chart facing strong resistance at 10450. Wall Street is not convinced that the DOW should be positive for 2010 as Wall Street wants to believe that we are going to have a W shaped recovery. They think that this is Great Depression DEJAVU.
Tomorrow, the unemployment figures will release the cat out of the bag. Wall Street, might just be wrong again. As always.
The 50SMA is DOW’s support for now.It is located at 10375.
By right the chart pattern is slightly bearish. However, since it is not at the peak of an uptrend, this is not a reliable bearish indicator. Peak of uptrend means when the market rally for many days like Feb 15 – 25. This is not counted a peak of rally. This is a continuation of a previous rally which has corrected.
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