So far, the big picture of the DJIA shows that the weakness off of the 3/21 high at 11,335 has been contained by the combined support of the rising 50 DMA and the 6-month trendline from last Oct.'s low, which cut across the price axis yest. at 11,060. Yest.'s low was 11,053 prior to today's bounce. At this juncture, 11,060-11,050 represents critical intermediate term support, which if violated, should trigger downside accel- eration that projects immediately towards a test of the prior pivot low at 10,922 from 3/8. Conversely, only a rally above 11,200 will relieve some of the pressure being exerted on the 11,060 support area.
 

Mike Paulenoff is a 25-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his E-mini S&P and QQQQ technical analysis and trading alerts. For more of Mike Paulenoff, sign up for a FREE 30-Day Trial to his E-Mini/Index Futures diary, or try his QQQ Trading Diary.