The worse data, the better for markets
The markets are convinced that the largest central banks will come to the rescue in time. On Wednesday, the indices updated highs on the rather weak US macroeconomic data.
#SPX is close to the psychologically important round mark of 3000, and #DJI is just shy of 27,000
#EURUSD showed lower intraday highs and lows during the last week
https://fxpro.news/daily-forex-outlook/the-worse-the-better-hope-for-the-central-bank-stimulus-is-fuelling-market-growth-20190704/
The markets are convinced that the largest central banks will come to the rescue in time. On Wednesday, the indices updated highs on the rather weak US macroeconomic data.
#SPX is close to the psychologically important round mark of 3000, and #DJI is just shy of 27,000
#EURUSD showed lower intraday highs and lows during the last week
https://fxpro.news/daily-forex-outlook/the-worse-the-better-hope-for-the-central-bank-stimulus-is-fuelling-market-growth-20190704/
The dollar's retreat in the currency market cannot gain traction, making us question whether we will see a breakout of key support levels for the dollar.
The hesitations of bears and a seasonal slowdown in trading activity may lead to a new growth impulse that will have to wait many months.
The well-known motto "sell in May and go away" is often falsely interpreted as a warning against sagging markets.
History tells us that trading activity and the determination of players to storm new extremes start to fall noticeably in May.
As always, there are exceptions to this rule, like what we saw last year when April and May served as a starting base for the relief rally in US stocks (#DJI). But then again, it is worth looking at the performance of the European markets (#EURO50) to see whether it was possible to save yourself a lot of nerves and energy by staying out of the equity markets until November and not lose so much.
The hesitations of bears and a seasonal slowdown in trading activity may lead to a new growth impulse that will have to wait many months.
The well-known motto "sell in May and go away" is often falsely interpreted as a warning against sagging markets.
History tells us that trading activity and the determination of players to storm new extremes start to fall noticeably in May.
As always, there are exceptions to this rule, like what we saw last year when April and May served as a starting base for the relief rally in US stocks (#DJI). But then again, it is worth looking at the performance of the European markets (#EURO50) to see whether it was possible to save yourself a lot of nerves and energy by staying out of the equity markets until November and not lose so much.
#DJI (Dow Jones Industrial Average) reversed from support zone
• Likely to rise to resistance level 35000.00
Dow Jones index recently reversed up with the daily Morning Star from the support zone lying between the key support level 33750.00 (previous monthly low from July), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from March.
The upward reversal from this support zone started the active medium-term impulse wave (3).
Given the clear uptrend, Dow Jones index can be expected to rise further toward the next resistance level 35000.00 (previous major resistance from May and July).
• Likely to rise to resistance level 35000.00
Dow Jones index recently reversed up with the daily Morning Star from the support zone lying between the key support level 33750.00 (previous monthly low from July), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from March.
The upward reversal from this support zone started the active medium-term impulse wave (3).
Given the clear uptrend, Dow Jones index can be expected to rise further toward the next resistance level 35000.00 (previous major resistance from May and July).
#WaveAnalysis #DJI
• Dow Jones reversed from support zone
• Likely to rise to resistance level 36400
Dow Jones index recently reversed up with the weekly Hammer from the support zone lying between the key support level 33425.00 (which has been reversing the index from the start of 2021) and the lower weekly Bollinger Band.
This support zone was further strengthened by the 50% Fibonacci correction of the previous sharp upward impulse from the start of last year.
Given the clear multi-year uptrend – Dow Jones index can be expected to rise further toward the next resistance level 36400 (which stopped the earlier waves 1 and (b)).
• Dow Jones reversed from support zone
• Likely to rise to resistance level 36400
Dow Jones index recently reversed up with the weekly Hammer from the support zone lying between the key support level 33425.00 (which has been reversing the index from the start of 2021) and the lower weekly Bollinger Band.
This support zone was further strengthened by the 50% Fibonacci correction of the previous sharp upward impulse from the start of last year.
Given the clear multi-year uptrend – Dow Jones index can be expected to rise further toward the next resistance level 36400 (which stopped the earlier waves 1 and (b)).
#WaveAnalysis #DJI
• Dow Jones reversed from support area
• Likely to rise to resistance level 35000.00
Dow Jones index today reversed up from the support area located between the multi-month support level 33425.00 (which has been reversing the index from the start of 2021), lower weekly Bollinger Band and the 50% Fibonacci correction of the previous upward impulse wave from last year.
The upward reversal from this support area continues the active medium-term impulse wave (3).
Given the clear daily uptrend – Dow Jones can be expected to rise further toward the next resistance level 35000.00.
• Dow Jones reversed from support area
• Likely to rise to resistance level 35000.00
Dow Jones index today reversed up from the support area located between the multi-month support level 33425.00 (which has been reversing the index from the start of 2021), lower weekly Bollinger Band and the 50% Fibonacci correction of the previous upward impulse wave from last year.
The upward reversal from this support area continues the active medium-term impulse wave (3).
Given the clear daily uptrend – Dow Jones can be expected to rise further toward the next resistance level 35000.00.
👍1
#WaveAnalysis #DJI
• Dow Jones reversed from support area
• Likely to rise to resistance level 34000.
Dow Jones index recently reversed up from the support zone set between the strong support level 32325 (which has been reversing the price from the start of 2021), 61.8% Fibonacci correction of the upward impulse from last year and the lower weekly Bollinger Band.
The upward reversal from this support area will most likely create the weekly Hammer – similar to how it made it last month.
Give the multi-year uptrend – Dow Jones can be expected to rise further toward the next resistance level 34000 (former strong support from the middle of July).
• Dow Jones reversed from support area
• Likely to rise to resistance level 34000.
Dow Jones index recently reversed up from the support zone set between the strong support level 32325 (which has been reversing the price from the start of 2021), 61.8% Fibonacci correction of the upward impulse from last year and the lower weekly Bollinger Band.
The upward reversal from this support area will most likely create the weekly Hammer – similar to how it made it last month.
Give the multi-year uptrend – Dow Jones can be expected to rise further toward the next resistance level 34000 (former strong support from the middle of July).
👍1
#WaveAnalysis #DJI
• Dow Jones reversed from support level 34140.00
• Likely to rise to resistance level 34920.00
Dow Jones recently reversed up from the support level 34140.00 (former resistance from March) intersecting with the 38.2% Fibonacci correction of the upward wave B from February.
The support zone near the support level 34140.00 was further strengthened by the lower daily Bollinger Band.
Dow Jones can be expected to rise further toward the next resistance level 34920.00 (top of the previous waves (iv) and (ii)).
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• Dow Jones reversed from support level 34140.00
• Likely to rise to resistance level 34920.00
Dow Jones recently reversed up from the support level 34140.00 (former resistance from March) intersecting with the 38.2% Fibonacci correction of the upward wave B from February.
The support zone near the support level 34140.00 was further strengthened by the lower daily Bollinger Band.
Dow Jones can be expected to rise further toward the next resistance level 34920.00 (top of the previous waves (iv) and (ii)).
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#WaveAnalysis #DJI
• Dow Jones broke key support level 34130.00
• Likely to fall to support level 33000.00
Dow Jones index recently broke through the key support level 34130.00 (which stopped the previous waves a and c) intersecting with the 38.2% Fibonacci correction of wave B from February.
The breakout of the support level 34130.00 accelerated the active impulse wave C.
Dow Jones index can be expected to fall further toward the next support level 33000.00 (target for the completion of the active wave (i)).
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• Dow Jones broke key support level 34130.00
• Likely to fall to support level 33000.00
Dow Jones index recently broke through the key support level 34130.00 (which stopped the previous waves a and c) intersecting with the 38.2% Fibonacci correction of wave B from February.
The breakout of the support level 34130.00 accelerated the active impulse wave C.
Dow Jones index can be expected to fall further toward the next support level 33000.00 (target for the completion of the active wave (i)).
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#WaveAnalysis #DJI
Dow Jones reversed from support level 32460.
Likely to rise to resistance level 35000.
Dow Jones recently reversed up from the key support level 32460 (which has been reversing the index from the start of this year), standing near the lower weekly Bollinger Band.
The support area near the support level 32460.00 was further strengthened by the 38.2% Fibonacci correction of the weekly upward impulse from 2020.
Given the clear weekly uptrend – Dow Jones can be expected to rise further toward the next resistance level 35000.
Dow Jones reversed from support level 32460.
Likely to rise to resistance level 35000.
Dow Jones recently reversed up from the key support level 32460 (which has been reversing the index from the start of this year), standing near the lower weekly Bollinger Band.
The support area near the support level 32460.00 was further strengthened by the 38.2% Fibonacci correction of the weekly upward impulse from 2020.
Given the clear weekly uptrend – Dow Jones can be expected to rise further toward the next resistance level 35000.
❤1
#WaveAnalysis #DJI
Dow Jones broke support area
Likely to fall to support level 31000.00
Dow Jones recently broke the support area located between the key support level 32535.00 (which has been reversing the pair from the start of 2021) and the upper 38.2% Fibonacci correction of the upward impulse from 2020.
The breakout of this support area accelerated the active impulse wave 1.
Dow Jones can be expected to fall further toward the next support level 31000.00 (target for the completion of the active impulse wave 1).
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Dow Jones broke support area
Likely to fall to support level 31000.00
Dow Jones recently broke the support area located between the key support level 32535.00 (which has been reversing the pair from the start of 2021) and the upper 38.2% Fibonacci correction of the upward impulse from 2020.
The breakout of this support area accelerated the active impulse wave 1.
Dow Jones can be expected to fall further toward the next support level 31000.00 (target for the completion of the active impulse wave 1).
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#WaveAnalysis #DJI
• Dow Jones under bearish pressure
• Likely to fall to support level 30000
Dow Jones index under the bearish pressure after it broke above the support level 31000.00 (which stopped the earlier minor impulse wave 1 at the start of September).
The breakout of the support level 31000 accelerated the active short-term impulse wave 3, which is a part of the sharp intermediate impulse wave (C) from April.
Dow Jones index can be expected to fall further toward the next round support level 30000 (which reversed wave (A) in June).
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• Dow Jones under bearish pressure
• Likely to fall to support level 30000
Dow Jones index under the bearish pressure after it broke above the support level 31000.00 (which stopped the earlier minor impulse wave 1 at the start of September).
The breakout of the support level 31000 accelerated the active short-term impulse wave 3, which is a part of the sharp intermediate impulse wave (C) from April.
Dow Jones index can be expected to fall further toward the next round support level 30000 (which reversed wave (A) in June).
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👍1
#WaveAnalysis #DJI
Dow Jones reversed from resistance level 34145.00
• Likely to fall to support level 33500.00
Dow Jones index just reversed down from the long-term resistance level 34145.00 (previous monthly high from May and August), strengthened by the nearby upper daily Bollinger Band.
The downward reversal from the resistance level 34145.stopped the previous short-term impulse wave 3, which belongs to the intermediate impulse wave (C) from the start of November.
Given the strength of the resistance level 34145.00, Dow Jones index can be expected to fall further toward the next support level 33500.00.
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Dow Jones reversed from resistance level 34145.00
• Likely to fall to support level 33500.00
Dow Jones index just reversed down from the long-term resistance level 34145.00 (previous monthly high from May and August), strengthened by the nearby upper daily Bollinger Band.
The downward reversal from the resistance level 34145.stopped the previous short-term impulse wave 3, which belongs to the intermediate impulse wave (C) from the start of November.
Given the strength of the resistance level 34145.00, Dow Jones index can be expected to fall further toward the next support level 33500.00.
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👍1
#WaveAnalysis #DJI
Dow Jones reversed from support level 33500.00
• Likely to rise to resistance level 34660.
Dow Jones continues to rise inside the short-term impulse wave 3, which started earlier from the key support level 33500.00 (which has been reversing the price from the start of November), standing near the lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from November.
The upward reversal from the support level 33500.00 created the daily Bullish Engulfing reversal candlesticks pattern – forming the 5th consecutive candle near this support level.
Dow Jones can be expected to rise further toward the next resistance level 34660.00 (which stopped the previous short-term impulse wave 1).
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Dow Jones reversed from support level 33500.00
• Likely to rise to resistance level 34660.
Dow Jones continues to rise inside the short-term impulse wave 3, which started earlier from the key support level 33500.00 (which has been reversing the price from the start of November), standing near the lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from November.
The upward reversal from the support level 33500.00 created the daily Bullish Engulfing reversal candlesticks pattern – forming the 5th consecutive candle near this support level.
Dow Jones can be expected to rise further toward the next resistance level 34660.00 (which stopped the previous short-term impulse wave 1).
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👍2👏1
#WaveAnalysis #DJI
• Dow Jones index reversed from key support level 32620.00
• Likely to rise to resistance level 33585.00
Dow Jones index recently reversed up from the key support level 32620.00 (which has been reversing the price from the start of November) strengthened by the lower daily Bollinger Band and by the 38.2.% Fibonacci correction of the sharp upward impulse from October.
The upward reversal from the support level 32620.00 created the daily Japanese candlesticks pattern Bullish Engulfing.
Dow Jones index can be expected to rise to the next resistance level 33585.00 (former support from the start of February).
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• Dow Jones index reversed from key support level 32620.00
• Likely to rise to resistance level 33585.00
Dow Jones index recently reversed up from the key support level 32620.00 (which has been reversing the price from the start of November) strengthened by the lower daily Bollinger Band and by the 38.2.% Fibonacci correction of the sharp upward impulse from October.
The upward reversal from the support level 32620.00 created the daily Japanese candlesticks pattern Bullish Engulfing.
Dow Jones index can be expected to rise to the next resistance level 33585.00 (former support from the start of February).
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#WaveAnalysis #DJI
Dow Jones index reversed from major resistance level 35550
Likely to fall to support at 34675
Dow Jones index recently reversed down strongly from the major resistance level 35550, which reversed the price multiple times from the start of 2022.
The resistance level 35550 was strengthened by the upper daily and weekly Bollinger Bands.
Given the strength of the resistance level 35550 and the overbought daily Stochastic increase the probability the index will fall further to the next support at 34675.
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Dow Jones index reversed from major resistance level 35550
Likely to fall to support at 34675
Dow Jones index recently reversed down strongly from the major resistance level 35550, which reversed the price multiple times from the start of 2022.
The resistance level 35550 was strengthened by the upper daily and weekly Bollinger Bands.
Given the strength of the resistance level 35550 and the overbought daily Stochastic increase the probability the index will fall further to the next support at 34675.
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👍1
#WaveAnalysis #DJI
Dow Jones broke key resistance level 35000.
Likely to rise to resistance level 3565.00
Dow Jones index recently broke the key resistance level 35000.00 (which has been reversing the price from the start of September).
The breakout of the resistance level 35000.00 accelerated the active minor impulse wave 5 of the higher order impulse wave (C) from the end of October.
Given the prevailing risk on sentiment seen across the equity markets today, Dow Jones index can be expected to rise further to the next resistance level 3565.00 (former multi-month high from the end of July).
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Dow Jones broke key resistance level 35000.
Likely to rise to resistance level 3565.00
Dow Jones index recently broke the key resistance level 35000.00 (which has been reversing the price from the start of September).
The breakout of the resistance level 35000.00 accelerated the active minor impulse wave 5 of the higher order impulse wave (C) from the end of October.
Given the prevailing risk on sentiment seen across the equity markets today, Dow Jones index can be expected to rise further to the next resistance level 3565.00 (former multi-month high from the end of July).
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🥰2
#WaveAnalysis #DJI
▫️Dow Jones index broke resistance level 41280;
▫️ Likely to rise to resistance level 42000.
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▫️Dow Jones index broke resistance level 41280;
▫️ Likely to rise to resistance level 42000.
📣Trade responsibly with fxpro.com
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Forex - Dow Jones index Wave Analysis 29 August 2024 | Technical analysis
Dow Jones index broke resistance level 41280.00 Likely to rise to resistance level 42000.00 Dow Jones index continues to rise after the e...