I'm seeing multiple reasons to remain bullish on the Dow. Admittedly, there are a lot of signs pointing toward a large downturn in the near future but I don't think we're there yet. On the weekly the Dow looks to be forming a nice cup and handle (continuation pattern during uptrend) and the weekly RSI is crossing up 50 and also printed a hidden bullish divergence (sign of continuation and strength in uptrend). If the weekly candle ends up staying the same as it looks now it could represent a shooting star doji/evening star formation type reversal so need to keep an eye on that in case we need to bail. Other than that it looks strong to me.
Note
was quite wrong about this pattern it seems. Still a bit early to call it but after this weekly close the evening star candle formation looks likely. If we gap down Monday it's all but assured.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.