DOW

dow - daily
uk.advfn.com/p.php?pid=chartscreenshotsh...dKAtzZXaRQe7A6qQVlk=

the news today clearly pulled the rug from under the bulls feet.....totally unexpected.

As things stand looking at the daily chart....huge gap up....28947 (the red line) is the closet support.
Will that level hold??....resistance now become support??

Huge negative rsi divergence currently and that was a very clear and strong rejection just shy of 30,000.
Bit of a dance around situation..as .this rally comes after lower low so wouldn't be a surprise if today's move turns out to be a bull trap...

i think this should go lower....but wdik.

lets see...
atb, wdik, dyor,
trendfriend

Hello everyone....
How are you all today?
Seems very quiet today

I spent about an hour trying to work out what wave we were in now and decided it was best to give up and leave it for a few days.

...couldn't decide if we're in wave 3 now (with Mar -Sept move being 1) or if this is an anding diagonal...in which case we're in 3 of 5 before a dump?!

Either way it put me off so I decided to leave it for the day and hope a nice drop overnight gave us an island reversal to start the day off tomorrow

dow - daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...PFmgNZjPOSPq3kjuo%3D

While Fundamentally things may be looking great for the markets.... with the Vaccine due soon and the huge rally to a new high...

Purely from a technical perspective i think warning bells are ringing imvho...

second lower low on the rsi....so negative divergence x2 on the both the last two peaks!
With US stock valuations sky high.....at the very least we should get some kind of p/b imho...quite possibly towards 26900....or maybe the low 26000's....

lets see...decent down day today...more to come i think.

atb, wdik, dyor,
trendfriend

I"ve been watching the weekly candle, barring a massive rise tomorrow - pair it up with an island reversal over the weekend and things could be looking interesting.

I suspect the Big Boys are behind the recent selldown in DJIA.

In Feb 20, prior to the sharp fall due to the Covid-19 pandemic, DJIA was at a high of 29,566 points. On 9 Nov 20, it hit the same level but failed to close above it.

We see a small gap up as well so if the price action is reversing, then it is likely to close this gap. It could then stage a rebound from here OR tumbled down further to 26,000 level where it is supported previously.

There lies a possibility that it continues its bullish move and our next target is around 32,000 level. For that to happen, we must first witness bullish candles candles above 29,566 level. So, watch this level tonight.......