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The Dow Jones Industrials has a very interesting long term chart, particularly the +20 year chart. Between and , the Dow Jones traded in a sideways pattern, while before and after that period it was in a secular bull market. Dow Jones - Year Historical Chart. Interactive chart of the Dow Jones Industrial Average (DJIA) stock market index for the last years. Historical data is inflation-adjusted using the headline CPI and each data point represents the month-end closing value.
Look at the or crashes, those also look like a small blip on the long term chart. Especially the October sell-off in stock markets was vicious. So far, though, the October correction did not damage any long term uptrend. On the contrary, the chart below shows that the uptrend is still intact. At this point in time the Dow Jones Industrials Index did set a higher low against the February lows. As long as those lows are respected there is no reason whatsoever to be concerned on the long term uptrend of the Dow Jones Industrials Index.
As said in the previous section we strongly believe that the February lows are the line in the sand. In particular, the 23, to 23, area in the Dow Jones Industrials Index is, by far, the most important area to watch. Any monthly close below this area, as well as 3 to 5 consecutive weeks closing below this area, will be a major red flag for U.
As seen on the chart above there was plenty of upside potential in That was a very volatile year, admittedly, but in the bigger scheme of things it did represent a small blip, hardly visible, and a massive buy opportunity. We are not pretending that we are today in a similar situation as in , but it might be.
If you include Globex Futures its another shooting star, only larger. Stochs crossover maintaining bearish divergence. This is looking good for a further drop. Today we saw a further rally, however the pullback in the last 2 hours has created a shooting star candle on the daily, with the 4 hour giving the even more bearish dark cloud cover. The last few days have good size upper shadows to the candles which the Japanese call 'rising in agony'. Shooting stars are not the most bearish patterns so tomorrow is important to After the strong reaction at the MP last week, a slow grind up towards the MR1 and WR1 is underway, which sit around the round number resistance of 26k.
The weekly bullish reversal at also provides resistance so some pullbacks to daily pivots are expected. A strong reaction off resistance tomorrow or Wednesday could maintain the bearish divergence on the Do not be drawn in to bull run or market crash talk every time there is a strong rally or decent drop.
We are still moving sideways since Jan in choppy action after the yearly R1 was tagged. The pullback was contained to the DeMark pivot with the traditional pivot below as further support. Until we break this range by a decisive breach of one of the pivots we are It wouldn't surprise me to see the market struggle to move much higher from here, even if we do breach the all-time highs, until we get around to the next earnings seasons.
A nice move down at the end of last week, with a harami posted on Weds, bearish action with a weak close on Thurs and a gap down on Friday. Notice how price rebounded off the WS1 at the end of the week after being rejected at the Demark R1 on Tuesday.
Pivots for next week show an open below the weekly pivot, which matches nicely with the DR1 to make strong The move up from last weeks pullback, which went a bit deeper than expected by retracing to the area of the weekly S1, has followed the predicted path up quite closely. Now we are faced with a cluster of pivots and a weekly bullish reversal at I am looking for a move up to that level in the next few sessions and a strong reaction off it, with a negative New pivots for next week show we will open above the weekly pivot, giving a bullish bias for the week ahead.
However there is a negative divergence on Stoch and a bearish candle printed on Friday so some chop and a pullback to the weekly pivot before a further rally is my preference. August is historically weak and The WR1 did its job and stopped the rally for now.
There was negative divergence whilst butting up against the pivot which I should have spotted yesterday for a short entry. Gap down opening today with choppy action between DS1-S2, however the monthly R1 has also been breached as support. Short from DS1 looking for a larger pullback, as long as Trump stops tweeting! The long trade from the break of the diamond pattern has met its target. This weeks early price action has ground up deeper into the target zone, and is now met with WR1 and DR1 resistance.
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However, it has since expanded to include 30 companies listed on the NYSE and Nasdaq, which represent a diverse cross-section of the industries comprising the US economy.