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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