A relative comparison between the DJI, JNK & DJT is showing some underlying strength building in the market. This is also known as a "risk on" sentiment and that's when high risk assets do very well
Something is wrong! NOWHERE to hide except cash. Even XLP staples crash last week.
Now DJT is showing yet another warning sign. It just broke the very crucial 14k support, completing a head & shoulder pattern. Measured move may send it down to the 11k to 10300 zone.
It is now at 13500 my green pivot box where the red dotted median of my PITCHFORK is located.
If...
This is bad! Stocks are falling even when DXY dollar index & TNX 10-yr yield are retracing.
The Dow Jones Transportation, a leading indicator for the stock mkt & the economy, just
zipped through the 14k key support, down 7.41%. All stock indices had a capitulation-like move Wednesday 18May, the worst since the pandemic days. Even defensive staples, household...
The Down has gapped below the previous low completing the Dow sell signal I posted about compared to the Dow Transport. Rsi and Stoch Rsi are nearing buy signals though plus the Dow broke down from the falling wedge. I am hedged short but I am not calling a full on crash/top given the Fed's track record. If the Fed didn't always save the market I would go short...
FEDEX and UPS have moved up alot in recent days along with some other dow transports. Airlines have lagged behind with no bids. This week, look for Airlines to move out of oversold conditions to move Dow higher. News will break out as passengers return to flying domestically. Volume will pick up accordingly. Breach 46.70 with volume, look out 52!
DTX is tracing the early stages of primary wave 3 down that should push pri es to levels below 650. If price crosses up 872 this analysis should be reviewed. FOLLOW SKYLINEPRO TO GET UPDATES.
