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Martin Armstrong: Dow Jones Industrials Index Cash

* April 23, 2016

Analysis for the Week of April 25, 2016

Dow Jones Industrials closed today at 18003.75 and is trading up about 3.32% for the year from last year's closing of 17425.03. So far, we have been trading up for the past 4 days since the low made on Mon. Apr. 18, 2016. On a broader perspective, this market has been trading down overall for the past 6 days since the high established Thu. Apr. 14, 2016. On the weekly level, indeed we have been generally trading up for the past 13 weeks. This market has been in a bearish consolidation phase for the past 10 months. Some caution is necessary since the last high 18351.36 was important given we did obtain a sell signal from that event established during May 2015.

Systemically, my expansive view prognosis recognizes that the current bearish progression in Dow Jones Industrials reflects only a temporary reaction within a broader bull market trend since we have not eleceted any Yearly sell signals on our model. Obviously, this market remains in a bullish posture broader-term with underlying support resting at the 12035.09 level. Currently, this market is still trading significantly above this level by about .33%. Resistance conspicuously stands at last year's high of 18351.36. So far, this market has remained in a bearish tone since the 18351.36 major high established back in 2015.

Concentrating on the immediate trend remains bullish since March made new highs and we have exceeded that high so far this month. This is further illustrated given the fact last month also closed higher.

On our Pattern Recognition Model, we see current projections on each time level as follows: Beginning with the yearly level, I see the pattern projection currently on a dynamic basis so far this year is still bullish. Targeting the quarterly level, I see that here the pattern status is turning up. Observing the pattern model for the monthly level, here I can see our pattern position remains counselling of a approaching temp high. Turning now to the weekly level, the pattern status currently is caution pressing lower. Viewing the daily level, I can see our pattern posture remains reaction low. Currently, this market remains in an uptrend posture on all our indicators looking at the weekly level. We see here the trend has been moving up for the past 13 weeks. The last weekly level low was 15450.56, which formed during the week of January 18th. The last high on the weekly level was 18167.63, which was created during the week of April 18th. For now on a broader perspective, this market in an uptrend posture looking at the monthly level. We see here the trend has been moving up for the past 7 months. The last monthly level low was 15370.33, which formed during August 2015. The last high on the monthly level was 17977.85, which was created during November 2015.

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