DOWU has been in a down trend since January of this year. The top in January was 657 and on March we found a bottom at 565.55. The drop of 14% was result of a 25.65% up trend that started in July of 2014 up by 174 days. With bond yields going up there could be room for a drop to 560. RSI is showing that the index is taking a breath from this 42 days drop since...
Since DJIA has only 30 components, and not sufficient to portray the general pictures, as a result DJ Transportation and DJ Utilities are created as well. 1st it was the Industrial index making all time high, followed by the transportation index, and now the utilities index. I can see that 2 massive rejection by 580, plus the bearish divergence comparing to the...
Dow Utilities could setup a classic SHS pattern (in orange and target in yellow) with a neckline around the 527 handle. Left and right shoulder are now at the same highs with a 61.8 retracement of the head - at the 577 handle. The other pattern is a harmonic ABCD patern (in blue) with a target at the 510 handle Momentum on the MACD histogram is decreasing Will...