In my Feb 20 entry, I questioned whether Dow could stay at $29. It managed to do so for a few days before breaking down back to $28. It made a higher low on Feb 25 ($28.32 vs $26.18 on Feb 8) and then a higher high Mar 5 ($30 vs $29.54 on Feb 18). Next we have another higher low Mar 11 ($29.40 vs $28.32 on Feb 25) and we will want to see a close above $30 and then reach $31.40 for a convincing uptrend. To seal the deal however, Dow will have to get to $34. This is not entirely impossible, but as you can see, Dow is very much tied to the gyrations of the DJIA.
If the DJIA can get above 10,800 we will see Dow move towards $34.
Source:E*Trade
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