Trend line retestAfter capitulating through the trend line on thursday, the last 30 min ramp back to re-test the line on friday
Indicies
Pitchfork perfectionFirst the median line catches the 1st weekly decline, and then the lower slope acts as perfect support on friday.
2 More pitchforks:
ALSI - Houston we have a problemMassive break of support, and open air below. We need to break back into 41k levels soon or even more weakness will follow.
$ES! E-Mini S&P Future. A few % more to long term trend lineThis needs to drop another 3.5% before the long term bullish trend line is reached. A lot of hot air being let out very quickly in US markets at the moment. Tax cuts, QE, rate cuts. At some point in time the chickens need to come home to roost. US markets can only function in isolation for so long.
ALSI All Share Index Getting close to some supportALSI visited this 46 000 level in 2014 and 2016. The question now is whether we'll find some support on that level. 500 pts to go.
#DIA Multi year bull trend firmly intact DIA can shed another 8-9% before it will be tested. Lots of room on the downside.
#ALSI Channel brokenMulti month down channel broken, which means we might only find support lower down. Stay safe.
#ALSI More weaknessResistance held today, and bulls will have to dig very deep to break this. Currently it looks like we might be headed down to support levels 2000 pts down.
#ALSI Longer term support is still a few hundred points away.Careful with any new long positions until then.
#ALSI Some weakness expectedAfter a fake channel break , and a 61% retracement, I expect some weakness to trickle through.
#DJI Fake channel break and retest. Weakness coming.The Dow Jones Industrial Average broke out of the channel briefly just to break back in. This is termed a fake break. It retested the breakout yesterday and failed. This is usually an indication of more weakness to come. Bottom of this channel is now the likely target. It is -4.8% away.
#DJI Dow Jones Industrial Average. Fake channel breakBreak back into channel will trap some bulls. Lots of open air below. More downside to come.
#ALSI Channel breakout testToday we are seeing a test of an important breakout level. This level needs to hold, or we might see a bull trap leading to squeeze back into the channel. It will be bullish if this level can hold and we move higher. A bit of caution is advised.
