DJIA daily are we ready for a major move?
DJIA daily is still in its symmetrical triangle and just can't move up or down from it. 8, 20, and 50 days MA are coiling on the same levels and will produce a major move in the one direction. Breakout or down should be strong and fast. It is very close to the end of the triangle but it seems it is more bearish than bullish. Just the fact it can't move away from the lower line is bearish.
Price is above r20, 50, and Big Red which is bullish, but if it drops, it will be right away below 20 and 50 days MA which will be bearish and fast.
Yesterday's volume confirms huge indecision in the market which can be both bearish and bullish.
RSI and MACD are for now neutral.
Overall: DJIA is probably the only indices that didn't receive a buy or sell signal in our Daily morning brief and will stay like that until it chooses which side will go. Break from the triangle will very likely be very powerful and strong. With the move up even testing of ATH would be possible, but with a move below trend lines support at Big Red will for sure be tested and then likely lows from 2022. Overall same like SPY, Powell's speech could move the market.
Price is above r20, 50, and Big Red which is bullish, but if it drops, it will be right away below 20 and 50 days MA which will be bearish and fast.
Yesterday's volume confirms huge indecision in the market which can be both bearish and bullish.
RSI and MACD are for now neutral.
Overall: DJIA is probably the only indices that didn't receive a buy or sell signal in our Daily morning brief and will stay like that until it chooses which side will go. Break from the triangle will very likely be very powerful and strong. With the move up even testing of ATH would be possible, but with a move below trend lines support at Big Red will for sure be tested and then likely lows from 2022. Overall same like SPY, Powell's speech could move the market.
Consistency is the key of success....
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