TECHNICAL ANALYSIS Major Indices Week of April 6, 2023 The Dow traded in an extremely tight, shortened weeks range, and closed up +0.63% in the middle of the weekly range. The S&P ended down -0.10% for the first lower close of the past four weeks. The Nasdaq closed down -1.07%. Sentiment has shifted to a … Read more
TECHNICAL ANALYSIS The DJIA staged a brutal outside week down and closed on the bottom of the weeks range, down -4.44%. Prices decidedly cleared the December lows and met a longer-term wave count objective at 32192/32170…settling below that level on the daily/weekly. The hourly chart is extremely oversold with the close on Friday and the … Read more
TECHNICAL ANALYSIS The DJIA staged an upside reversal week and settled in the top of the weekly range, up +1.75% on the week. The market tested the last major wave lows on the daily, set back in December, before reversing with a strong performance to finish out the week on Friday. The hourly has reached … Read more
TECHNICAL ANALYSIS The DJIA traded a narrow, inside week and settled slightly lower…closing down -0.17% toward the middle of the week’s range. The action does little to the charts as the Dow has basically been stuck in a trading range since the wide range of December 22, 2022. Sentiment remains neutral with a slight bias … Read more
TECHNICAL ANALYSIS The DJIA traded a whipsaw week and closed down -0.15% as the blue chips once again lagged the S&P, Nasdaq and Russell…which closed up +1.62, +3.31 and +3.88 respectively. Sentiment remains slightly neutral while momentum indicators have turned toward ‘greed’ with the 52-week high/low reaching an extremely frothy +2.90 on last Friday’s close. … Read more
TECHNICAL ANALYSIS The DJIA traded an inside week and settled in the upper end of the weekly range, closing out the week with an advance of +1.8%. The Dow continued to lag the S&P, Nasdaq and Russell which had stronger intraweek performances. Sentiment is leaning toward greed again and the 52-week new highs/lows closed at … Read more
TECHNICAL ANALYSIS The DJIA traded lower all week and ended down 2.7% in the lower half of the weekly range. Last week was a mix of layoff announcements and political maneuvering over the US debt limit. The tech and secondary markets performed much better than the blue chips, with the Nasdaq actually eking out modest … Read more
TECHNICAL ANALYSIS The DJIA spent most of last week on the upside and settled with a 1.99% increase on the week as prices inch back toward the late 2022 swing highs. The “Dow” continues to outperform the S&P500 and the tech-centered Nasdaq Composite. The 52-week H/L line remains frothy, closing the week at -0.16. Sentiment … Read more
TECHNICAL ANALYSIS The DJIA traded a tight, inside week on quiet holiday volume and closed fractionally lower on the week. Short-term, prices are building a flagging triangle pattern off to the side of the recent decline. The hourly is trying to turn up from oversold conditions and the daily is doing the same. Conversely, the … Read more