DJCFD (DJ Transportation Average index).Macro Bullish

11 Okt 2020

Hi,

Some say that the DJCFD is a good indicator for the general stock market, eg SP500.
If DJCFD does well, the others will do well.
This past week, as per the weekly chart, we can see a solid bullish candle close above a main resistance.
Before its retests this resistance level, I am leaning towards it reaching to the upper part of this regression channel first.

OBSERVATIONS\THOUGHTS:
====================================================
> MACD shows convergence on the daily and the weekly chart.
> Using both the channel and the fib tool, the next target level has confluence with both of these elements.
> Chart below shows top resistance trend line with confluence to this target area.
> Hopefully this also gives the SP500 and BTC the spring it needs for the bull trend to continue, once again.

NOTE: DXY finished bearish last week, which gives extra weight to this thesis.


Please give me a like or tick for this post.

Regards,
S.SAri

NOTE the top resistance trend line has confluence on my target as well

11 Okt 2020

Nota

DXY chart, short term

12 Okt 2020

Nota

12 HRLY chart with a bearish div. however the MACD just crossed over. Still some upward pressure