6-20-2010 Market Recap-Forecast-Watch-list: The Trend Is Now Up ^
The Dow closed up 200 points for the week to finish @10450.64. The previous downtrend started with the "flash crash" and made May, the worst month in the history of financial markets, in terms of monthly point declines. The correction continued into June, the chart then suggested to watch for a reversal and a new uptrend to ensue. The new uptrend was confirmed this week when we saw the Dow (DJ-30) break over its 200 ma.
The dollar index (DXYO) closed @ 85.58 retreating after it spiked to the 88.71 area close to our double top projections. The volatility index (VIX) continued to break down through its support near the 27 level to close @ 23.95, slightly above its 200(ma). As stated in previous analysis, we were expecting the Dollar to top out and the Euro to bounce off its lows. A successful Spanish bond auction helped boost