DOW JONES INDUSTRIAL Major Level here! The Dow Jones Industrial Average Indice is seeing a major runup the past few weeks since the beginning of October.
The Dow has seen record gains of 17% since its bottom in Early October.
The Dow is now running into some big-time resistance... That is our focus today to dive in to.
The 30 companies pushing the Dow up may be becoming overbought indicated from RSI and other oscillators.
TrendLine 1
But what we're looking at is the Dow's trendline analysis. We are seeing a Long Time Resistance Line Dating back actually all the way to 2008 guiding as a mean resistance point being touched now again! This marked 'Blue' Line represents that resistance and the Dow is approaching and testing that level now. A Rejection could lead to a selloff, if History Repeats and Dow does not want to head higher at this time.
OPINION : Dow will only break this trendline if looking to really meltup or erase losses and hit All Time Highs. If this is not the case yet, I do not see this breaking upwards at this level.
TrendLine 2
This Trendline has lasted and been intact since the kickoff of the 2022 Bear Market.
We have seen numerous Retests and Rejections of this Resistance Line, and we are now testing this again.
We have YET to break through this barrier, as it guides the market lower & lower.
Again The Dow will need major buying to break thru these levels, as massive resistance is present.
OPINION : Same as above, I can only see a break upwards if buyers really believe Dow is going back to ATH or erase gains in a massive market melt-up
Contrarian to my Writing : This article mainly features idea of a rejection, but one thing that particularly makes me more bullish on Technicals here is that the S&P / NASDAQ have yet hit their own bear market trendlines and this could rally the market up higher to those areas. If this happens, it is likely the Dow follows this movement somewhat, and could see a break above.
Something to keep note of!!!
DIA trade ideas
$DOW JONES INDUSTRIALWe can consider many factors to determine what will be our future direction, but once a trend is developed is more likely to follow than change it.
The support bands suggest that the Trend is changing direction on the weekly chart.
For the time the J Powell decide to pivot, TML will be way gone.
Look for those market leaders the will double in a short time period.
DOW JONES kissed the 200 moving averageDOW JONES kissed the 200 moving average and going down
we might see some retracement on dow jones. Lets see
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Dow Jones Industrial Average relative strength on the riseThe overall US equity market is still having a hard time stabilizing and catching its footing, however, if we examine the major US indices closer we do notice more and more relative strength coming out of the Dow Jones Industrial Average.
This past week it never took out its September lows, the MACD momentum oscillator continues to climb aggressively, and on Friday we remained in the top 1/3 of Thursday's bullish engulfing bar.
I started a position on Thursday and will keep a tight leash risk managing it going forward. More notes on the chart.
Another Crooked M 1.414//Economic Reports Remaining this WeekWide Channel Down/Marubozu Candle with both ends shaven//Price sits above the .382 of the trend up/No recent pocket pivots noted.
No recommendation
WEDNESDAY, OCT. 12
8:30 am Producer price index, final demand Sept. -- -0.1%
2 pm FOMC minutes
THURSDAY, OCT. 13
8:30 am Consumer price index Sept. -- 0.1%
8:30 am Core CPI Sept. -- 0.6%
8:30 am Core CPI (three-month SAAR) Sept. -- 6.5%
8:30 am CPI (year-on-year) Sept. -- 8.3%
8:30 am Core CPI (year-on-year) Sept. -- 6.3%
8:30 am Initial jobless claims Oct. 8 -- N/A
8:30 am Continuing jobless claims Oct. 1 -- N/A
FRIDAY, OCT. 14
8:30 am Retail sales Sept. -- 0.3%
8:30 am Retail sales ex-motor vehicles Sept. -- -0.3%
8:30 am Import price index Sept. -- -1.0%
10 am UMich consumer sentiment index (early) Oct. -- 58.6
10 am UMich 5-year inflation expectations Oct. -- 2.7%
10 am Business inventories Aug. -- 0.9%
DIA Short 22/08/22Asset and Time frame - DIA, Weekly
Entry Price - 330.50
Exit(Stop Loss) -343.69
Exit(Take Profit) - 292.56
Technical Analysis - Price has reached a confluence area, we've got a resistance line of 330.50, we have the 100 Weekly moving average, we have a hammer formation on the weekly chart but without confirmation, and we've got a failed breakout from the down-trending channel.
The market is very uncertain at the moment, a smaller position of 0.75% seems about right for me.
Wishing us the best of luck!
DIA SPY QQQ OversoldOversold and below the bands.
This status can continue for extended amounts of time, but usually not forever.
DIA has just fallen below the .382 of the trend up from the Covid low.
This market will not go straight down just as it did not go straight up.
No recommendation.
The Big Dippers (the buy the dip folks) will come in again eventually. Maybe not tomorrow or the next day. But they will.
I will worry about that tomorrow.
QQQ and SPY are not "as" oversold as DIA. Not sure if that counts for anything
Short for the longer term/possible bounce.