Chart of the Day: Dow Jones

Blake Morrow Forex Analytix

With the Nasdaq 100 at new highs, and the SPX erasing the 2020 losses, we have to turn out attention to the Dow Jones Industrial Avg. The DOW looks set to test the 88% retracement at the 2831, but could we go higher? At this point, we have to assume we could. More importantly, notice how we held the previous megaphone pattern. If this pattern is still valid, the DJI could reach for the 30,000+ levels as well. RSI is overbought which is also a risk for the bulls, but notice back at the end of 2018, RSI was a lot higher than it is today.

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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