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DOW JONES - The hidden truth in a large complex correctionAs a trader, I've always been fascinated by market indexes and the insights they provide. The Dow Jones Industrial Average (DJIA), affectionately known as the "Dow" or "Dow Jones" by some, is undoubtedly one of the most closely watched indexes. It consists of 30 large, publicly traded companies based in the United States, making it a useful barometer for the overall health of the stock market and the US economy. Throughout 2022, the Dow Jones, like many other indexes, experienced a downward trend. But something remarkable happened in November 2022 – a strong uptrend emerged, breaking the resistance level that had been a formidable barrier in January, April, and August of that year. This shift signaled a potential change in market sentiment, as the index successfully retested the breakout level in March 2023. Fast forward to today, and we find ourselves up against yet another level of resistance, evident on the chart when we reached 34,100 points just a couple of weeks ago. The big question on everyone's mind is whether the Dow will break through this time. Analyzing the market structure from November 2022 to March 2023, we observe what appears to be a corrective pattern, possibly an ABC or WXY correction. Although I won't delve into the specifics of the subdivisions, it's clear that this correction took several months to play out. Now, as we approach the 2023 highs, it's crucial to recognize the current market conditions. Despite a prevailing bearish sentiment, the bulls seem to be in control. The bears may need to see a pullback to around 32,800 points to be satisfied – a move that would create a textbook inverted head and shoulders pattern, however this time as a continuation pattern rather than a reversal. Compare to the Apple, Inc idea I shared weeks ago. If this scenario plays out , the target could be a retest of the all-time high for the DJI index, approximately 37,000 points. This move could catch bears off guard and lead to widespread bullish sentiment , potentially draining the accounts of the bears before the financial crisis catches up with us. As beginner or intermediate traders, it's essential to stay informed about market trends and patterns. Observing indexes like the DJI can help you make better-informed decisions in your trading journey. While no one can predict the future with certainty, understanding market dynamics and key resistance levels can provide valuable insight into possible market scenarios. Always remember to trade responsibly and consider the risks involved.
TVC:DJI
by bitdoctor
4
DOW JONES Double buy entry on the MA50 and MA200 (1d).Dow Jones got heavily rejected on Resistance (1) and is pulling back to the MA50 (1d). The index is trading inside a double Channel Up pattern. The MA50 and MA200 (1d) each serve as a Support level and potential buy entry. The pattern so far is much alike the December 20th - January 20th fractal and that dipped much lower after its rejection. Trading Plan: 1. Buy on the MA50 (1d). 2. Sell if the (1d) candle closes under the MA50 (1d). 3. Buy on the MA200 (1d). Targets: 1. 34530 (Resistance 1). 2. 33000 (MA200 1d and bottom of white Channel Up). 3. 34800 (under Resistance 2). Tips: 1. The RSI (1d) is printing an identical pattern to December - January so far. This favors a rebound but from a lower level such as the MA200 (1d). Please like, follow and comment!! Notes: Past trading plan:
CAPITALCOM:US30
by TradingBrokersView
9
UDOW a triple leveraged ETF of the DOW indexUDOW is shown here on the 30-minute chart rising over the past month in an ascending parallel channel. The chart shows the price currently situated near to the bottom of the channel which is the support trendline drawn onto the chart with the resistance trendline as well. My trading plan is I will take a long trade of 50 shares with a stop loss immediately below the support trendline. I see a targets as $ 62 and $ 65 making for a very favorable reward for the risk taken. For the entry, I will use the 5- minute chart and enter when the HA candles are green and the RSI is above 50. I realize that the DOW has less volatility than the S & P or NASDAQ but with that is less overall risk of reversals and pullbacks. I tend to take higher-risk trades but see this as having a balancing effect in my overall portfolio.
AMEX:UDOW
by AwesomeAvani
DOW JONES Crossed under the 4hour MA50. Short term sell signal.Dow Jones has crossed under the 4hour MA50 and hit the bottom of the short term Channel Up. Since December, every closing under the 4hour MA50 has been a sell signal (8 times) with a decline ranging from -1.66% to -4.74% from the moment of crossing. As long as the Channel Up holds, buy and target Resistance A at 34900. If the Channel Up breaks, sell and target Support A at 33400. Then since that Support is near the bottom of the long term Channel Up started in March and represents a -2.00% decline from the MA50 breaking moment, buy for the medium term and target again 34900. A very consistent buy signal is when the 4hour RSI enters the green Oversold Zone. That has issued a rebound back to the 4hour MA50 on all 7 occurrences since December. Previous chart: Follow us, like the idea and leave a comment below!!
CAPITALCOM:US30
by TheCryptagon
DOW JONES on the 4H MA50 on the Channel UpDow Jones touched the 4H MA50 and bottom of Channel Up 2 that is dominating June's price action. Naturally, the 1D technicals are bullish (RSI = 63.354, MACD = 250.370, ADX = 14.024) and the 4H ones marginally neutral, which indicates a short term buy opportunity. With the 4H STOCH RSI making a Bullish Cross inside the oversold zone, that is technically a buy signal at least on the short term. The next technical Resistance is R2 and that's our target (TP = 34,950), which is also the Top of December 13th 2022. If the candle closes under the 4H MA50 though, which would also mean crossing under Channel Up 2, we will short targeting the 4H MA200 (TP = 33,500). Prior idea: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
CAPITALCOM:US30
by InvestingScope
2
💾 DJIThe Dow Jones have been left behind compared to the SPX and NDX but the chart still looks pretty good. We have a hammer 25-May after a months long correction, followed by a full green candle. This is a reversal signal with confirmation the next day. We just need to see follow up on Monday but looking at the three major indexes together, SPX, DJI and NDX, we are going to call it bullish. The blue spaces on the chart is the strong support. The DJI is trading within a long-term higher low. The bias is 100% bullish. We will see how it goes but we expect it to grow in the short-term based on the current look of the chart. This can change if the support levels break. If support remains intact, up we go! Namaste.
TVC:DJILong
by AlanSantana
2
DOW JONES rebounding on the MA50 (4h) aiming at 34750.Dow Jones has had a strong rebound on the MA50 (4h) since the Fed low yesterday and maintains the short term Channel Up. There is still much room for the index to rise inside the long term Channel Up. Trading Plan: 1. Buy on the current market price. 2. If the price crosses under the Channel Up, buy on the MA50 (1d). Targets: 1. 34750 (Rising Resistance). 2. 34900 (Resistance 2). Tips: 1. The RSI (4h) has its own Rising Resistance to be mindful of. The last two contact points with it, formed Higher Highs on the short term Channel Up. Please like, follow and comment!! Notes: Past trading plan:
CAPITALCOM:US30Long
by TradingBrokersView
4
US30: Price levels and pattern analysis post-FMOCToday's focus: US30 Pattern – Ascending Triangle, low rejection, Resistance Possible targets – 35,260 - 33,255 Support – 33,790 Resistance – 34,310 Today we have looked at the US30 after this morning’s FOMC. The Fed held rates but commented that we could see two more rises this year. With price bouncing back after testing lower, could we see a new shot at resistance, or will we see sellers make a new test lower, breaking the current uptrend? If the trend is broken, could this set up a new move back to test the long-term pattern base? On the other side, could buyers make a new move to test or break key resistance? With rate raises back on the agenda will this maintain the current key resistance and hold price in its overall pattern? Good trading.
U
by Eightcap
DOW JONES The closing of the 1day candle can send it to 34900Dow Jones/ US30 hit yesterday Resistance A (34260) but closed the candle under it. If it closes over it, especially if the Fed assists with favorable news today, buy and target Resistance B at 34900. Until it closes over it, a rejection is equally possible, with the 1day MA50 being the lowest buy entry in the event of a pull back. The 1day MACD is still on a Bullish Cross, showing a healthy bullish trend. Previous chart: Follow us, like the idea and leave a comment below!!
U
by TheCryptagon
11