TECHNICAL ANALYSIS The DJIA spent the entire week in negative territory, closing down 2.77% or 953.4 points. The hourly chart is showing a rounded top formation as prices react to frothy sentiment the past two weeks and a cacophony of negative headlines coming from America’s major ‘corporations.’ Prices ended at the bottom of the weekly … Read more
TECHNICAL ANALYSIS VIX Daily The DJIA closed the week up 1.6% in a whipsaw trade that saw the cash index hit a new intraday low for the entire decline from the highs…then testing the previous weeks highs, prior to losing ground on Friday to settle down 404 points. The S&P, Nasdaq and the FAANG all … Read more
TECHNICAL ANALYSIS The DJIA saw a minor reprieve form the selloff in the critical timing window outlined in the last update and plunged again late in the week to close down 2.93% for the third straight week of steep declines on the weekly. For the month of September, the DJIA was down 8.84%…the worst monthly … Read more
TECHNICAL ANALYSIS The DJIA ended an outside week down with a -4.13% loss. Friday’s trade took the index into the previously outlined ‘last-gasp’ support area at 30810/30680. The action filled in the gap that has stood on the daily chart in that area since July 15th. A late rally took prices to close near the … Read more
The DJIA is rallying today with prices taking out Tuesday’s intraday highs. The market is responding to oversold conditions on both the hourly and the daily charts along with some generic ‘consensus’ from analysts that stocks are in a correction in a continuing bear market that will yield to ‘recession’ conditions in 2023. Some of … Read more
The DJIA staged a large outside day reversal down to close near the lows of the day and a new low close for the current decline. The daily chart has reached deeply oversold conditions and prices still need to hold the last gasp area of support at 30810-30680. This area represents a 75-80% pullback from … Read more