Dow Jones Lower into Friday/Monday

DJIND-D 8-21-2013

This week still looks to be the target for at least a temporary low. The Dow has broken the 15000 level with support beginning at the 14825-14805 level. Additional support lies at the 14718 level down to 14648. There is a gap down thereafter to 14450-14393. The major support starts at 13782 and only a weekly closing beneath this area would warn of a more sustainable correction. The first Monthly support area lies at 13920. Our technical target are illustrated above with the oscillator.

DJFOR-D 8-21-2013

The timing models on the daily level show targets for this Friday and the Long-Term shows Monday. However, since the weekly timing targets this week, any new low into Monday would most likely leave this week as the lowest weekly closing.