We are reaching oversold levels on the weekly charts.
This is where I start tweaking my hedges.
I think this week's closing should give us an indication of direction for next week.
A close below 24000 on a weekly basis points to some more work to the downside possibly till the mid terms.
Fiscal policy around the world is still suggestive of a strong US$ and ...
Looking at this chart, it is my opinion that nothing serious has been broken.... yet
The DJI would have to break 24000 for this decline to get some legs. If indeed this came to pass, than we are looking at the first Fibo retracement.
Till then however, this is merely a healthy regrouping exercise to realign the technicals.
The daily has reached oversold ...
So far, this is a healthy retrenchment in what appears to be a strong bull market.
US domestic and global fiscal and economic circumstances are supportive of a bull market in the DJI and the US$
The technicals however required realignment. This could be the opportunity to do so.
The November elections in the US are, to me, a bit of a wild card. We shall cross ...
This index has once again breached a secular trend to the upside. There is significant momentum to this breach presaging a strong rise to new highs in the medium to long term.
In the short term however, there is a possibility of a sharp correction to bring the technicals back in sync.
The DOW is in a powerful uptrend overall
Short term neutral to bearish
Of course, there are many levels to breach before this secular trend can be declared to have turned. Nothing conclusive therefore.
To me however, the momentum appears to be positive.
If indeed my analysis should come to pass as outlined, many a peripheral countries should find themselves gradually, though rather quickly, further up the proverbial creek.