Dow Jones

Momentum:

MACD: Positive

RSI: Neutral Trend

Stochastic: No clear signal in overbought territory

Daily Price Action Trend: Neutral

Last relevant high: 16,511.8

Last relevant low: 15,503.0

Comment:

The Dow ended Friday’s session marginally lower, in a generally uninspiring session. Yes we do have a sell pattern formed, but with the market closing only 20 points below its opening value any bullish momentum could quickly see this pattern reversed. A buy pattern will be completed if 16,411.0 is bettered without 16,278.0 being broken by the close of the session.

As with the FTSE the Dow’s weekly time frame formed a buy pattern, but unlike the FTSE, the American market closed the weekly much closer to the weekly high which in general makes it a much stronger indicator of the market’s next move.

GDP figures are due Friday, in our experience these are second only to non-farm figures for causing market volatility, so any trades opened should ideally be closed Thursday.

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