DJ:DJI   Dow Jones Industrial Average Index
In my last dow update, I was excited because price broke out of an upward wedge - a powerful trend continuation signal.


We quickly lost momentum and fell back down into the wedge and lower. This is NOT a good sign. Bullish formations denied become bearish .

The market is scared of the action-packed week's data - specifically the FOMC decision tomorrow. I'm therefore cautious going into this week: if we fall sharply today and tomorrow on news that the market hasn't priced in, that will set a bearish tone for the beginning of February and MIGHT produce an high waterline for January. I will not call the top, but it could mark a multi-month pause or consolidation.

The 26k level will be key to hold and bounce from this week.

The 24.8k level will be key for this month. Watch were we close on Wednesday to judge the tone for the next month.

I am neutral for now.

EN English (UK)
EN English
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Send feedback Ideas Published Followers Following Private Messages Chat Sign Out