Momentum:
MACD: Positive
RSI: Positive Trend, moving into overbought territory
Stochastic: No clear signal, in overbought territory
Daily Price Action Trend: Positive
Last relevant high: 17,529.0
Last relevant low: 16,821.8
Comment:
It has now been five positive session for the Dow on the bounce and the market has recovered all the loses in the calendar year! Crisis? What Crisis! Anyway, I’m sure the bulls are super positive and the bears are as doomy as ever, we simply follow the market trend.
Clearly the market remains positive and until that trend changes no need to be bearish! The first sign of a negative turn will be a candlestick sell pattern, that will be completed in today’s session if: 17,297.8 is broken without 17,529.0 being bettered. Bears will point out that we have overbought readings on the Stochastic & RSI but until a sell pattern is formed we can only see the market moving higher.
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