March 10th, 2009

Dow Jones Industrial Average short term fall from the February 6, 2009 high of 8,315.07 remains active as ONLY a daily open and close above 7,147.78 will complete this fall while the March 6, 2009 low of 6,469.95 holds.  A daily open and close above 7,147.78 will see prices continue to move higher within a 7,147-7,6102 consolidation zone before another attempt to the downside.  Once prices have closed within the above mentioned zone, a sustained break of this zone will see further price extension in the direction of the sustained break.  However, a failure to open and close on a daily basis above 7147.78 suggest risk for further downside extension remains as prices will continue to move lower in the short term with 6,450 followed by 5,800 as the next objective.  As to the broad outlook, any move to the upside is corrective as the broad trend remains firmly to the downside until prices can open and close on a monthly basis above 9,410 while the March 6, 2009 low of 6,469.95 holds. 

More update later. RW