Dow Jones Index - Daily Chart
Momentum:
MACD: Positive
RSI: Neutral Trend
Stochastic: Sell
Daily Price Action Trend: Negative
Last relevant high: 16,485.8
Last relevant low: 15,803.5
Comment:
It was a volatile session yesterday in the US, with the bears clearly in control at the start of the session, but with a rally towards the end of trading suggesting that the bulls might be interested at these levels.
Technically we have formed a negative trend, but from looking at the graph it does seem that the market is trading in the same range it has been in since the end of January. We know it may be boring sitting on the side-lines, but it is more fun than losing money.
Assuming the bearish trend continues we have the scope for much further falls, but a buy signal could be formed today if:16,147.5 is bettered without 15,803.5 being broken.
Our old heads feel it makes more sense to see the market form a lower high before attacking this market, but aggressive traders may ignore this advice.
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