Has the DOW hit its high for 2012?

Market Pulse: April 9

The June 2012 mini Dow opened last week at 13,171 and closed Thursday, the last full trading session for the week at 12,978. On Friday’s close at 8:15AM CT the Dow was down 120 to 12,858. Why the drop? The US jobs report released at 7:30AM CT showed numbers lower than expectations. Instead of creating more than 200,000 jobs in March, the number came in at 120,000. It probably was a good thing the markets closed 45-minutes after the report was released otherwise Friday could have been real ugly going into the Easter and Passover weekend.

On the daily chart below, technically we see the market is in a weak trend with ADX at 18. MACD has increased divergence down and is bearish and Stochastics have entered oversold territory. Remember technically, weak trending markets generally will not remain overbought or oversold for very long. You can see this on the daily chart by how long the Dow was overbought as ADX showed a strong trend. 

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