Dow Jones (US30): Bullish Move From Key Level Explained
Dow Jones Index is trading in a bullish trend.
After the price set a new higher high on a daily, it retraced to a key daily structure support.
A doji candle was formed on that.
Analyzing a 4H time frame, we can spot a confirmed bullish breakout of a resistance line of a falling channel and an inverted h&s pattern formation with a violated neckline.
These bullish clues make me think that the price may bounce.
Goals will be 34820 / 35050
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Indexes
S&P 500 Daily Chart Analysis For Week of August 18, 2023Technical Analysis and Outlook:
This week, the Spooz index finalized its down move by completing the Inner Index Dip 0f 4340. However, a strong rebound is possible with Mean Res 4460 as a primary target. On the downside, price action might churn about the completed Inner Index Dip 4340 and Mean Sup 4330 before taking off to the upside. Notwithstanding, if all fails, the market will take us to the Next designated target of Inner Index Dip 4212.
Dow Jones Index (US30): Another Bearish Patter
We have already spotted earlier a bearish reversal on US30.
After some consolidation, the market leaves one more bearish clue:
the price formed a big double top pattern formation on a daily.
Its neckline was broken this week.
The index may keep falling to 34600 support.
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S&P500 INDEX (SPY): Your Trading Plan
S&P500 Index is currently testing a key daily structure support.
To buy the market with a confirmation, watch a double bottom pattern on 4H time frame.
4487 level is the upper boundary of its neckline.
If the price breaks and closes above that on a 4H, it will be a strong bullish signal.
A bullish movement will be expected 4517 level then.
Alternatively, if the price sets a new lower low on a 4H, the setup will become invalid.
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S&P500 INDEX (US500): Bearish Pattern & Pullback
S&P500 Index formed a head and shoulders pattern on a daily time frame,
trading in a bullish trend.
The breakout of the neckline of the pattern signifies the local exhaustion of the
buyers and highly probable coming correctional movement.
I expect a bearish movement at least to 4465
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Continental CON Long term bullish cycleOur probability indicator has observed Long Term BOS (Break-of-Structure) on Daily TF.
Essentially what that means is that we closing in on bearish cycle for XETR:CON and new bullish leg is forming for longterm continuation of new bullish cycle.
We expect further bearish correction to 68.30 - 64.80 zone ( Current Inverse H&S pattern support zone ) where conditions for perfect LONG entry occur.
Take-Profit should be set within High resistance zone 114.50 - 139.30
Dow Jones Index (US30): Potential Bearish Movement Explained
Dow Jones is currently ranging.
The market is stuck within a wide intraday range.
Testing the upper boundary of the range, the market was rejected heavily
and the price broke and closed below a support line of a rising channel.
We see its retest now.
I expect a bearish continuation to the support of the range - 35300
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MarketBreakdown | Dollar Index, USDCAD, US30 Index, GBPJPY
Here are the updates & outlook for multiple instruments in my watchlist.
1️⃣ Dollar Index (DXY) daily time frame 💲
After a test of a key daily structure resistance, we see a positive bearish reaction from that.
It looks like the Index will keep retracing to lower levels.
2️⃣USDCAD daily time frame 🇺🇸🇨🇦
The market is currently approaching the neckline of an ascending triangle formation.
Following the local weakness of a greenback, the pair may drop one more time from
the underline horizontal line to a rising trend lien.
3️⃣ US30 Index weekly time frame
The index reached a key weekly structure resistance.
Strong rejection on a daily time frame signifies a local overbought state of the market.
I will expect a pullback from the underlined level.
4️⃣ GBPJPY daily time frame 🇬🇧 🇯🇵
The pair successfully violated a key daily horizontal structure support.
The broken structure turned into a resistance now.
The market will most likely keep falling to lower levels soon.
Do you agree with my market breakdown?
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Dow Jones Index (US30) Technical Outlook Ahead of FED
US30 Index is currently trading on a key daily structure resistance.
The market is consolidating on 4H time frame,
forming a head and shoulders pattern.
If the price breaks and closes below its neckline (35330 level),
I will expect a bearish continuation, at least to a support line of an expanding wedge pattern.
Bearish breakout of the support of the wedge, will push the Index even lower.
Alternatively, a bullish breakout of the underlined blue structure on a daily will be a strong
bullish signal.
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Dollar Index (DXY): Important Key Levels to Watch 💵
Here is my latest structure analysis for Dollar Index.
Resistance 1: 101.00 - 101.2 area
Resistance 2: 101.90 - 102.05 area
Resistance 3: 102.73 - 102.95 area
Resistance 4: 103.34 - 103.57 area
Support 1: 99.40 - 99.75 area
Consider these structures for pullback/breakout trading.
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Dollar Index (DXY): Update & Time to Grow 💵
Update for Dollar Index.
As you know, at the beginning of the week, I shared a very bullish forecast for the Greenback.
After a strong bearish wave, the market started to consolidate within a horizontal range.
The resistance of the range was finally broken and we see a position bullish reaction
to that after its retest.
I expect growth now.
Goal - 100.73
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Dollar Index (DXY): Oversold Market & Time For Pullback 💵
After the CPI report this week, Dollar Index dropped rapidly.
Ahead, I see a confluence zone based on a completion point of a harmonic abcd pattern
and a horizontal historical key level.
From the underlined blue area, I will expect a bullish movement at least to 100.58 level.
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Nasdaq Index (US100): More Growth is Ahead
NASDAQ Index broke and closed above a neckline of a cup and handle pattern
on a daily, following the yesterday's CPI report.
Taking into consideration, that the index is trading in a strong bullish trend,
that violation will most likely trigger a strong bullish wave.
I will expect growth to 15600.
For entries, consider an occasional retest of a broken neckline.
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NASDAQ Index (US100): Bullish Rally is Comming
Today's CPI report is very negative for the Greenback.
Gold, major forex pairs and indexes started to grow rapidly.
US100 index formed a cup & handle pattern on a daily time frame.
The market is currently testing its neckline.
If a daily candle closes above that,
probabilities will be high, that the growth will continue.
Next goal will be 15600
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