The Dow closed higher on Thursday as it consolidates some of this
week's decline but remains below the 10-day moving
average crossing at 12,425. The mid-range close sets the stage for a
steady opening on Friday. Stochastics and the RSI have
turned bearish signaling that sideways to lower prices are possible
near-term. Closes below the reaction low crossing at 12,112
would open the door for a larger-degree decline during the first half
of February. If the Dow renews the rally off January's low,
the 50% retracement level of the October-January decline crossing at
12,915 is the next upside target.
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