This was a chart I made back around Christmas time. We are currently in a very unpredictable time in the market! Today we already went below both of these blue lines and could potentially go much much lower. I wouldn't breathe a sigh of relief until the DOW closes above 17000. Until that day comes protect your money with every tool that you have.
Stayed over 16459 for 2 days and developed a VERY strong hammer on the weekly chart. Still be cautious but the market may have found support. The new Major support is 15370 with the minor support being 16459. Hopefully it stays over the minor support. 8/28 after close
16459 didn't hold and it is still below this level, even with today's strong finish. The weekly close will give us a better idea of what's going on but I have a feeling it will take a few weeks to get the big picture. I would still use extreme caution.
9/2 after close
It is peaking into hopeful territory once again. The very short-term trading range is 15979 to 16528. A close over 16528 will be even more hopeful, however, the weekly closes are far better tells than the daily swing trades. 9/8 after close
Closed out the week strong, again making new highs for this trading range. Overall outlook is bullish again. The only problem is the trading range is still a big range and it is currently at the top of it. 10/10