DJIA (Wall Street) sees its worst month of the year – where to n
The Dow Jones Industrial Average (DJIA / Wall Street) finished the month of September trading down -4.3%, its largest 1-month decline of the year and more than twice the -2.0% drop that it saw in January.
So where does that leave the most popular US index?
In a word: Adrift.
After rising consistently from last November through this September, the Dow has now fallen out of its 10-month bullish channel. In fact, despite unprecedented levels fiscal and monetary stimulus from US policymakers, the index is now unchanged since mid-April.
Moving forward, the most relevant technical structure to watch will be the sideways range between support near 33,700 and resistance up at 35,500. Though the current technical view bias is neutral, a break below the bottom of this rectangle and the rising 200-day EMA near 33,250 would open the door for a deeper retracement 31,000 or even 30,000 next, while a bullish breakout above 35,500 would signal the resumption of the longer-term uptrend.
So where does that leave the most popular US index?
In a word: Adrift.
After rising consistently from last November through this September, the Dow has now fallen out of its 10-month bullish channel. In fact, despite unprecedented levels fiscal and monetary stimulus from US policymakers, the index is now unchanged since mid-April.
Moving forward, the most relevant technical structure to watch will be the sideways range between support near 33,700 and resistance up at 35,500. Though the current technical view bias is neutral, a break below the bottom of this rectangle and the rising 200-day EMA near 33,250 would open the door for a deeper retracement 31,000 or even 30,000 next, while a bullish breakout above 35,500 would signal the resumption of the longer-term uptrend.
Penafian
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