Weekly Data Summary Suggests:
Current Weekly Trend (price relationship to the trend MA) is Bearish
The price relationship to the moving averages currently suggest Short positions.
Current chart score suggests that Bearish Sentiment is present.
The anticipated upcoming trade range is between 20817.72 - 22237.30
Price Consolidation has formed between: 18213.7 - 25021
If DJI is capable of maintaining the current strength as of today, the projection generated from the weekly chart is a target price of 18648.76
Out of the combined (weekly & daily) indicators monitored, 50.00% are bearish , 41.67% are bullish and 8.33% are neutral
The prices have moved 3.8 times the normal trade range from Trend Moving Average, a stall/change in direction may occur to return to the average.
The RSI that monitors bullish strength has a current weekly reading of: Bearish
The RSI that monitors bearish strength has a current weekly reading of: Bearish
The strength demonstrated over the last 5 weeks is currently: Bearish
Daily Data Summary Suggests:
Current Daily Trend (price relationship to the trend MA) is Bearish
The price relationship to the moving averages currently suggest closing shorts and protecting profit.
Current chart score suggests that Bullish Sentiment is present.
The anticipated upcoming trade range is between 20785.05 - 22261.25
Price Consolidation has formed between: 20538.3 - 22595.1
If DJI is capable of maintaining the current strength as of today, the projection generated from the daily chart is a target price of 21254.70
Price movement has returned to the Trending Moving Average this suggests either a stall while averages catch up to the prices or a turn in the prices in the opposite direction
The RSI that monitors bullish strength has a current daily reading of: Neutral Bear
The RSI that monitors bearish strength has a current daily reading of: Bearish
The strength demonstrated over the last 5 days is currently: Bullish
Comments:
Wish that I was coming into the week with good news.
Even with the enveloped bar last week pointing as if it were bullish , it feels like the daily has lost all forward momentum from the excitement of the stimulus package.
This is a pandemic. The world is going to stop spinning for 6 - 10 weeks before we can restart the engines of the economies. With America being last in the list starting back up.
As the numbers of infections and deaths are reported, the market will take another hit.
The price projection with the excitement calculated into it shows it wants to push back into bull territory around 23310.
However, the failure calculation is 18648.76
The readjustment bar from Friday basically is show that Thursday high was all the peak of strength the index had. We might see another attempt at 21254 (382 points) before the index fails again.
I honestly am looking for some "good news" that would prop the market up. I haven't found it yet. Especially in light of the hearing NY/NJ and CONN might have a mandatory Federal lock down.
Stay healthy, avoid people and wash your hands!
-PriceProphet.
** If data does not significantly change between trade dates, a daily update may be skipped. Monthly and Weekly updates will always be provided. **
Current Weekly Trend (price relationship to the trend MA) is Bearish
The price relationship to the moving averages currently suggest Short positions.
Current chart score suggests that Bearish Sentiment is present.
The anticipated upcoming trade range is between 20817.72 - 22237.30
Price Consolidation has formed between: 18213.7 - 25021
If DJI is capable of maintaining the current strength as of today, the projection generated from the weekly chart is a target price of 18648.76
Out of the combined (weekly & daily) indicators monitored, 50.00% are bearish , 41.67% are bullish and 8.33% are neutral
The prices have moved 3.8 times the normal trade range from Trend Moving Average, a stall/change in direction may occur to return to the average.
The RSI that monitors bullish strength has a current weekly reading of: Bearish
The RSI that monitors bearish strength has a current weekly reading of: Bearish
The strength demonstrated over the last 5 weeks is currently: Bearish
Daily Data Summary Suggests:
Current Daily Trend (price relationship to the trend MA) is Bearish
The price relationship to the moving averages currently suggest closing shorts and protecting profit.
Current chart score suggests that Bullish Sentiment is present.
The anticipated upcoming trade range is between 20785.05 - 22261.25
Price Consolidation has formed between: 20538.3 - 22595.1
If DJI is capable of maintaining the current strength as of today, the projection generated from the daily chart is a target price of 21254.70
Price movement has returned to the Trending Moving Average this suggests either a stall while averages catch up to the prices or a turn in the prices in the opposite direction
The RSI that monitors bullish strength has a current daily reading of: Neutral Bear
The RSI that monitors bearish strength has a current daily reading of: Bearish
The strength demonstrated over the last 5 days is currently: Bullish
Comments:
Wish that I was coming into the week with good news.
Even with the enveloped bar last week pointing as if it were bullish , it feels like the daily has lost all forward momentum from the excitement of the stimulus package.
This is a pandemic. The world is going to stop spinning for 6 - 10 weeks before we can restart the engines of the economies. With America being last in the list starting back up.
As the numbers of infections and deaths are reported, the market will take another hit.
The price projection with the excitement calculated into it shows it wants to push back into bull territory around 23310.
However, the failure calculation is 18648.76
The readjustment bar from Friday basically is show that Thursday high was all the peak of strength the index had. We might see another attempt at 21254 (382 points) before the index fails again.
I honestly am looking for some "good news" that would prop the market up. I haven't found it yet. Especially in light of the hearing NY/NJ and CONN might have a mandatory Federal lock down.
Stay healthy, avoid people and wash your hands!
-PriceProphet.
** If data does not significantly change between trade dates, a daily update may be skipped. Monthly and Weekly updates will always be provided. **
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.