A requested update to the multi-decade long chart of the Dow Jones Industrial Average.
(click image for full size)
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A requested update to the multi-decade long chart of the Dow Jones Industrial Average.
(click image for full size)
The key word for today is “broken wedges“.
The long watched ascending wedge patterns have finally broken to the downside as those patterns predict. Next we watch for a closing print ‘below’ the wedge and then watch for any ‘re test’ of the bottom wedge line.
Right now the break of the ascending wedges which have been so prevalent on so many charts is significant.
(click images for larger view)
With respect to the S&P 500 futures the key number right now is 800.
Minute by minute and hour by hour technical analysis of the movements.
This hourly chart highlights some key support & resistance levels.
A video update this evening that covers all 30 components of the Dow Jones Industrial Average.
Video ended up being longer than I anticipated, but I go into great detail of each stock with some suggestions on trading some of them.
The Dow Industrials are at this time testing the Friday lows. Watch 7248 carefully for a bounce or a failure. Should the Dow Industrial Average fell below Friday’s low then I expect additional selling. The market is very ‘anxious’ today, somewhat difficult to gauge the movements here.
Recall in my recent video that I discussed the Dow Industrial Average had closed ‘below’ the November lows. This morning the Dow Industrial Average tested the underside of the November low resistance level and has since turn back down.
The key area to watch now on the Dow Jones Average is the lows from last Friday. If that price point is taken out then expect selling to increase.
Two videos this evening. The first is my weekend technical analysis summary of the broad markets. Included this evening is the S&P 500, Nasdaq, Dow Industrial Average, and the VIX and VXN volatility indexes.
Part 2:
This video briefly examines all 30 stocks in the Dow Jones Industrial Average.
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