Boy, are these markets something else. Since before 2008, markets correlated relatively close to economic data. Since the introduction of Fed intervention with slashed rates and Quantitative Easing, "markets" were able to "shrug" off even the worst geopolitical and economic events. In fact, it defies all logic.
Logically, markets can and should ignore all TA...
The double bottom formed a little while back.
Fairly steep climb and has surpassed the 1.272 on it's 4th leg up.
This really looks like it will reverse soon but no telling!
DIA is at a resistance trendline and it remains to be seen if it will be broken.
Possibly bit overextended at this level but time will tell.
If AAPL's topping formation (see my AAPL analysis) is any indication, and the Dow's 5300 point move off the October lows is any indication, the right shoulder of the inverse H&S formation should start to get filled as AAPL completes it own right shoulder with a move down. Again, similar to AAPL, the left shoulder, head and right shoulder if formed would line up...
Once an area or “zone” of prior resistance has been identified, those price levels can serve as potential entry or exit points because, as the price reaches a point of previous support or resistance, it will do one of two things: bounce back away from the support or resistance level, or violate the price level and continue its trend until it hits the next support...
DIA has broken a long term negative trend line. 4h chart holding negative MACD, with 1D MACD looking to roll over to the negative side. Price hanging steady in the mid 330 range for the past week turning the 9sma flat and surfing the .618 Fib line. Continuing to monitor looking for a reaction off the Fib line
$DIA is showing a negative Monthly RSI divergence and this type of price action is emblematic of a 'return to normal' rally after a bubble pops. Chart points to further losses into 2023. I would personally heed the warning coming from Jeff Bezos and others. I am still bearish on equity markets given rates, geopolitics, and the FTX fallout.
As I said and requested, here is my analysis on the DOW.
The DOW (DIA) and the Russel (IWM) are actually the most bullish looking stocks, at least as far as math and probs are concerned. Lots of bullishness is just being thrown in our faces here.
Let me break down the probabilities by index so you can just see this visually. The chart below shows...
The move in the Dow over the last 21 trading days has come to the very top of its downtrend line up 5100 points or 18% since October 13th. Significantly overbought with many components up 30-50% in the same time. Book the profits and don't stick around too long. Happy Trading!
The Dow Jones Industrial Average Indice is seeing a major runup the past few weeks since the beginning of October.
The Dow has seen record gains of 17% since its bottom in Early October.
The Dow is now running into some big-time resistance... That is our focus today to dive in to.
The 30 companies pushing the Dow up may be becoming overbought indicated from...
We can consider many factors to determine what will be our future direction, but once a trend is developed is more likely to follow than change it.
The support bands suggest that the Trend is changing direction on the weekly chart.
For the time the J Powell decide to pivot, TML will be way gone.
Look for those market leaders the will double in a short time period.
Investors continue to prefer dow jones index over nasdaq index. historically, when this occurred before it was signaling lack of growth and avoidance of risk. The bear market of 2000 hurt less in the dow names, while also providing cashflow dividend income. DIA QQQ AAPL INTC
DOW JONES kissed the 200 moving average and going down
we might see some retracement on dow jones. Lets see
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SPDR Dow Jones Industrial Average ETF Trust is exchange traded fund. Its investment objective is to provide investment results before expenses correspond generally to the price and yield performance. The company is headquartered in New York, NY.