$DJI warnings signs but not all is dark
Good Morning!!!
Let's dissect a few things.
The
DJI
is showing warning signs on the Weekly Chart:
Money has been leaving.
Harder to see on a daily so showing on weekly.
RSI is also weak.
Daily
The DOW is trading under shorter term moving avgs.
The RSI is at an important juncture, 50.
$ flow almost under 0.
-----------------------
There are some positives to the
DJI
:
There is an Inverse head & shoulder pattern. Although this pattern is better @ calling lows. Of course, if it holds the 38.5k Support Level.
37.5k & 37k would be the next support areas before the retest of the MAJOR SUPPORT level, which is the old all time highs.
Sell in May go away?
Still bullish but weak spot for the average.
Let's dissect a few things.
The
DJI
is showing warning signs on the Weekly Chart: Money has been leaving.
Harder to see on a daily so showing on weekly.
RSI is also weak.
Daily
The DOW is trading under shorter term moving avgs.
The RSI is at an important juncture, 50.
$ flow almost under 0.
-----------------------
There are some positives to the
DJI
: There is an Inverse head & shoulder pattern. Although this pattern is better @ calling lows. Of course, if it holds the 38.5k Support Level.
37.5k & 37k would be the next support areas before the retest of the MAJOR SUPPORT level, which is the old all time highs.
Sell in May go away?
Still bullish but weak spot for the average.