Chart of the day: DJIA

Blake Morrow Forex Analytix

Dow Jones Industrial Average at support

An "Ascending Wedge" is ultimately a bearish reversal pattern, but that doesn't mean that today is the day it breaks. We are at support, and relative strength RSI is pointing lower, but the index may find support ahead of the CPI inflation data next week. The level to be watching is the resistance at the 35053 level, which is the 61.8% retracement that held the bounce a couple weeks back. And a decisive break of The August 25th low at 34025 would suggest a bearish breakdown for the index back below the 200dma.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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