I assume based on Dows failure to rally, perhaps this is a sign that market wants to turn around
At each test of resistance, after dropping more than 500 points, the market has continued to push bearish as well as the Divergence also validating the direction.
At today's FED meeting a cut of 25 basis points is expected in response to the slow in economic growth and stunted inflation. This could be the signal that the markets are topping and we are due for a big correction. Currently Dow at all time high with support zone holding at 27000. A break of the support and 200SMA could signal a short as the market top....
DOW30 - Intraday - We look to Buy at 27300 (stop at 27275)
Price action resulted in a new all-time high at 27403. Momentum is stalling with the posting of new highs and indicates bearish divergence. Prices have reacted from 27403. The medium term bias remains bullish. Further upside is expected although we prefer to set longs at our bespoke...
DOW30 - Intraday - We look to Sell a break of 27325 (stop at 27425)
Price action resulted in a new all-time high at 27403. Momentum is stalling with the posting of new highs and indicates bearish divergence. Prices have reacted from 27400. The overnight rally has been sold into and there is scope for further bearish pressure going into...
DOW30 - Intraday - We look to Buy at 27200 (stop at 27100)
Price action resulted in a new all-time high at 27403. A Morning Star formation has been posted at the low. The continuation higher in prices through resistance has been impressive with strong momentum and shows no signs of slowing. A bullish hammer has been posted as prices...
The S&P is now continuously making all time high in its freshest burst of price discovery. This is more of a speculative trading pattern, a rising wedge which indicates there could a break down to 2950, and maybe down to 2750 support.
However, in strong markets, what tends to happen is price breaks out upwards out of a rising wedge. This would indicate serious...
DOW30 - Intraday - We look to Buy at 26775 (stop at 26700)
Prices have continued the bearish move lower and resulted in 4 consecutive negative days.
Afternoon dips were bought into and follow through bullish momentum resulted in the market moving higher.
The overnight dip has been bought into and there is scope for...
The rally was sold and the dip bought resulting in little net change yesterday.
News events could adversley affect the short term technical picture.
The overnight rally has been sold into and there is scope for further bearish pressure going into this morning.
Price action is forming a bearish flag which has a bias to break to the downside.
Although an initial dip was posted, buyers emerged and follow through bullish momentum resulted in all the previous day's losses being overturned.
The overnight dip has been bought into and there is scope for further bullish pressure going into this morning.
Trend line resistance is located at 26890.
Bespoke support is located at 26725.
There is no clear...
Trade valid until 21:00hrs (UK Time)
US30 - Intraday - We look to Sell at 26600 (stop at 26675)
The overnight rally has been sold into and there is scope for further bearish pressure going into this morning. Prices have continued the bearish move lower and resulted in 2 consecutive negative days. Further selling is expected to follow with the hourly Ichimoku...
The monthly chart has confirmed completion of a 5 wave impulsive move and price action continues within a rare and complex expanding triangle formation.
The bearish engulfing candle on this chart will be confirmed in the next 48 hours.
The daily chart shows a head & shoulders formation with prices currently testing the neckline.
A clear break and close below this...
The dow bull market is over, the coming recession will cause the initial dip in the Dow which will correspond nicely with the upward lower bound trend and fibonacci retracement of around 22000. Then I'd expect a lower target of around the 50% retracement level of 16000 which will be at the height of the next US recession.
The S&P 500 Index has been a bit hard to read for beginners as the charts are giving bearish signals yet it continued to move up and break above certain strong resistance levels. As for The Dow Jones Industrial Average Index (DJI), this one is telling us a different story, this chart is much easier to read.
When you look at the chart, you can clearly see lower...