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Replies to post #70088 on Abet Chichi2 (Chichi2)
10/29/16 9:36 AM
We should see a trend change come this month in Dow Jones Industrials so pay attention to events ahead. Last month produced a low at 1799221 and we need to penetrate that level on a monthly closing basis to suggest perhaps a further decline. As of the close of Fri. Oct. 28, 2016, the market is immediately in a neutral position for right now with a moderate bearish undertone suggesting caution on the daily level especially since it's trading below the December 2015 high. Dow Jones Industrials closed today at 1816119 and is trading up about 4.22% for the year from last year's closing of 1742503. Thus far, we have been trading down for the past 4 days, while we have made a low at 1806230, consolidating thereafter for 2 days following the high established Mon. Oct. 24, 2016.
On the weekly level, the last important high was established the week of August 15th at 1872261, which was up 7 weeks from the low made back during the week of June 27th. We have been generally trading up for the past 2 weeks from the low of the week of October 10th, which has been a move of 1.71% percent.
Critical support still underlies this market at 1739916 and a break of that level on a monthly closing basis would warn of a decline ahead becomes possible. Broadly, my expanded view recognizes that the current directional movement since the low made back in August 2015 has been a long-term Bullish trend in Dow Jones Industrials which remains in motion as long as we hold above 1739915 on a monthly closing basis. It is incredibly important to identify the broader trend for that is the underlying tone. It is wise to take position counter-trend only with this understanding of what you are doing. We need to see a monthly closing back above 1862200 to confirm the uptrend will recommence.
Consequently, this has been a 1 year rally in motion since 2015.
Inspecting the immediate momentum is Neutral on the weekly level yet we did penetrate the week of October 17th's low. Some caution is warranted given the fact that last month closed lower. To date, the market has exceeded last year's high of 1835136. In order to maintain an upward advance, we need to close above last year's high at year end. On the weekly level, last month was an outside reversal to the upside which is implying we have a bullish bias currently.
While the market made a new low last month, our energy models turned up. This warns we may be preparing to rally. At this moment, this market is in a downward trend on all our indicators looking at the weekly level. Honing in on the direction of this trend, we have been moving down for the past 10 weeks. The last high on the weekly level was 1872261, which was created during the week of August 15th. The last weekly level low was 1706308, which formed during the week of June 27th. However, we still remain below key support and key resistance now stands at 1836882 above the market. On a broader perspective, this market remains in an uptrend posture on all our indicators looking at the monthly level. We see here the trend has been moving up for the past 13 months. The last monthly level low was 1537033, which formed during August 2015, 2015. The last high on the monthly level was 1872261, which was created during August.
