Dow has shown recent bullishness however that might be coming to an end soon. We gapped up today over a low volume area but we have several confluent supports coming up in that zone including anchored vwap, moving averages and trendlines.
I do expect us to retrace and fill at least some of this gap, but we may go lower to test the vwap's and moving average supports.
On top of that, we also have our moving average delta indicator beginning to turn down which signals the momentum of a move or a possible reversal, in this case it looks like downward momentum is gaining.
Of course we could get news to send us higher but I have a lot of concerns with the gaps beneath us and the volume support. I am short term bearish on the dow because of those reasons but things could always change!
Ideally, the bulls need to gain control above the bottom wedge trendline for me to have bullish confidence.
DIA
I do expect us to retrace and fill at least some of this gap, but we may go lower to test the vwap's and moving average supports.
On top of that, we also have our moving average delta indicator beginning to turn down which signals the momentum of a move or a possible reversal, in this case it looks like downward momentum is gaining.
Of course we could get news to send us higher but I have a lot of concerns with the gaps beneath us and the volume support. I am short term bearish on the dow because of those reasons but things could always change!
Ideally, the bulls need to gain control above the bottom wedge trendline for me to have bullish confidence.
DIA
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