Weekly DJIA through 2-May-2005

The DJIA closed up 152 points this week and the moving average turned up. However, the price bar is still red and more importantly, the stochastics indicator is only a little more than halfway toward the oversold area (< 20). If next week is positive, and I think it will be we may continue with another week or two up, but then more downtrend. The bottom line, the market now looks somewhat positive on the weekly chart and quite positive on the daily one.