News 
Market Data 
Discover
Replies to post #50921 on Market Direction and Stock Trends
06/03/23 9:07 AM
Dow Jones Industrials opened above the previous high and closed above it as well warning of a bullish posture right now. It closed today at 3376276 and is trading up about 1.85% for the year from last year's settlement of 3314725. Presently, this market has been rising for 2 months going into June reflecting that this has been only still, a bullish reactionary trend.
ECONOMIC CONFIDENCE MODEL CORRELATION
Here in Dow Jones Industrials, we do find that this particular market has correlated with our Economic Confidence Model in the past. Our next ECM target remains Tue. May 7, 2024. The Last turning point on the ECM cycle low to line up with this market was 2022 and 2009 and 2002. The Last turning point on the ECM cycle high to line up with this market was 2022 and 2007 and 2000.
MARKET OVERVIEW
NEAR-TERM OUTLOOK
The historical perspective in the Dow Jones Industrials included a rally from 2009 moving into a major high for 2022, the market has pulled back for the current year. The last Yearly Reversal to be elected was a Bullish at the close of 2022. However, the market has been unable to exceed that level intraday since then.
This market remains in a positive position on the weekly to yearly levels of our indicating models. Nevertheless, it closed last year on the weak side down from 2021. Pay attention to the Monthly level for any serious change in long-term trend ahead.
Looking at the indicating ranges on the Daily level in the Dow Jones Industrials, this market remains moderately bullish currently with underlying support beginning at 3337465 and overhead resistance forming above at 3385975. The market is trading closer to the resistance level at this time.
On the weekly level, the last important low was established the week of March 13th at 3142982, which was down 13 weeks from the high made back during the week of December 12th. This was a key week for at least a temporary low. We have been generally trading up for the past week from the low of the week of May 22nd, which has been a move of .0363%.
INTERMEDIATE-TERM OUTLOOK
YEARLY MOMENTUM MODEL INDICATOR
Our Momentum Models are declining at this time with the previous high made 2021 while the last low formed on 2022. However, this market has rallied in price with the last cyclical high formed on 2022 and thus we have a divergence warning that this market is starting to run out of strength on the upside.
After closing above last year's low of 2985630.
Interestingly, the Dow Jones Industrials has been in a bullish phase for the past 7 months since the low established back in October 2022.
Critical support still underlies this market at 3263630 and a break of that level on a monthly closing basis would warn that a sustainable decline ahead becomes possible. Immediately, the market is trading within last month's trading range in a neutral position.
DiscoverGold 
