Smart Money Has exited the Industrials in a big way since the high in January. Last time the SMI was this low the DOW was at 18000, a whole 7,000 points lower... This is never a good sign, but if the market can resolve this symmetrical triangle in a bullish, that money will pour back into the market and push it to new highs.
The Red areas marked are likely areas of resistance, while the green boxes show previous areas of high market volume. If this triangle resolves bearish, look for price to hold at one of these previous levels. Without dramatic news, or some major global event, the lower marked levels are not likely.
Volume decline is common in a symmetrical triangle, but we did have some higher highs inside there with volume declining.
Just waiting and watching with the smart money.
That volume bump after the the election is wild... Orchestrated... A coincidence.... ?
The Dow is still in a Bullish Trend, so the symmetrical triangle is likely to break bullish - but it is worth keeping an eye on.
The Red areas marked are likely areas of resistance, while the green boxes show previous areas of high market volume. If this triangle resolves bearish, look for price to hold at one of these previous levels. Without dramatic news, or some major global event, the lower marked levels are not likely.
Volume decline is common in a symmetrical triangle, but we did have some higher highs inside there with volume declining.
Just waiting and watching with the smart money.
That volume bump after the the election is wild... Orchestrated... A coincidence.... ?
The Dow is still in a Bullish Trend, so the symmetrical triangle is likely to break bullish - but it is worth keeping an eye on.
Comment:
Possible rejection/fake break and Oscillators + Momentum pointing down for another test of the Support.
