Just recharted the Dow from a different perspective..
I was wondering why The dow refuse to go lower today. It is riding the BBand pretty closely but I've seen this Index drop below its bbands so this sent ne searching..
And what i found was this downtrend (White lines) Established . If the dow has now formed this support then the next few trading days could be the rising wedge bounce back.
If the Dow drops below 34500 this negates the downtrend and i expect the dow to move lower. If it breaks over trendline (Purple line) we could be headed back to wedge support at 35,300 Before the big sell.
The job report Should really give some clarity and a nudge in the direction
*** How this plays out could also move the spy
I was wondering why The dow refuse to go lower today. It is riding the BBand pretty closely but I've seen this Index drop below its bbands so this sent ne searching..
And what i found was this downtrend (White lines) Established . If the dow has now formed this support then the next few trading days could be the rising wedge bounce back.
If the Dow drops below 34500 this negates the downtrend and i expect the dow to move lower. If it breaks over trendline (Purple line) we could be headed back to wedge support at 35,300 Before the big sell.
The job report Should really give some clarity and a nudge in the direction
*** How this plays out could also move the spy
