This is a great example of a market that is melting.... up. Every day for the past week and a half we have seen a market that opens speculatively higher and closes lower than the open.
If you are looking at markets in general that are healthy you will see that most green candles support an upwards trend while most red candles support a downward trend.
DIA is in this channel..
if it breaks above or below, trade accordingly.
I am leaning towards short side, but I will wait for that break bewlo $337 to short the market.
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- First commodities, then the miners, then the industrial equipment, then the transporters, then the financials... now the hedges are coming off.
- See support at 320 and 329.
- Ratio says put buildup is over
- Ratio usually double bottoms (hits green twice)
$329 & $323 are conceivable entries here. $323 PT for me personally. Nice to see some rational profit taking in the big industrials 🤙🏽
Likely just playing this one in the call options through individual DOW 30 names. But the group as a whole needs to bounce, so my alerts will ping off this ETF. I already own a ton of Apple stock, own some call options in that...
Here is my wave count using fib levels for the DJI (DIA). Note the candle wick making a perfect touch of 1.786 fib. I think that this week could be another down week looking to form the wave 4 of this uptrend. I marked some key support areas on the chart. If this does turn out to be a wave 4, the rule is that they rarely exceed 30% pull back of wave 3. I have also...
this applies to all major indices.
we are entering 60 weeks from march 23 2020 bottom on may 17 (60 = 420 days).
this is an important cycle.... with which the significance of you can see if you go back in history. for example. go to feb 19 2020....now go back 60 weeks.....
important weekly cycles are 30, 45, 60, 90, 135, 150, 180, 210, 225, 315, 330 and 360....
The US is forecasting a 0.3% monthly CPI today, we think it will be closer to 1% for the month, given the cost of goods has dramatically increased in the US and just now being priced into the market.
Look for a return in the near term to the 50MA (332) and also the 1.27 fib at 326. A cooling the market needs to happen as companies continue to announce record...
DIA is on the move, and it doesn't look like it'll be turning around just yet. The Heikin-Ashi candles show a clear upward trend. If that wasn't enough, MACD is now crossing into a long signal, and momentum is on the rise. Time to go long with DIA.
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