#WaveAnalysis
#DowJones broke key resistance level 32100
• Likely to rise to resistance level 33000
https://fxpro.news/market-snapshots/dow-jones-industrial-average-wave-analysis-11-march-2021-20210311/
#DowJones broke key resistance level 32100
• Likely to rise to resistance level 33000
https://fxpro.news/market-snapshots/dow-jones-industrial-average-wave-analysis-11-march-2021-20210311/
#WaveAnalysis
#DowJones reversed from support level 33560
• Likely to rise to the next round level 35000
https://fxpro.news/market-snapshots/dow-jones-wave-analysis-15-april-2021-20210415/
#DowJones reversed from support level 33560
• Likely to rise to the next round level 35000
https://fxpro.news/market-snapshots/dow-jones-wave-analysis-15-april-2021-20210415/
#WaveAnalysis
#DowJones broke resistance level 34225
• Likely to rise to resistance level 35000
https://fxpro.news/technical-analysis/dow-jones-wave-analysis-7-may-2021-20210507/
#DowJones broke resistance level 34225
• Likely to rise to resistance level 35000
https://fxpro.news/technical-analysis/dow-jones-wave-analysis-7-may-2021-20210507/
#WaveAnalysis
#DowJones reversed from support level 33500
• Likely to rise to resistance level 35000
https://fxpro.news/technical-analysis/dow-jones-wave-analysis-20-may-2021-20210520/
#DowJones reversed from support level 33500
• Likely to rise to resistance level 35000
https://fxpro.news/technical-analysis/dow-jones-wave-analysis-20-may-2021-20210520/
#WaveAnalysis
#DowJones rising inside C-wave
• Likely to reach resistance level 32635.00
Dow Jones recently broke the resistance level 31000.00 intersecting with the daily down channel from August and the 38.2% Fibonacci correction of the downward impulse from August.
The breakout of the resistance level 31000.00 accelerated the C-wave of the active medium-term ABC correction (2).
Dow Jones can be expected to rise further toward the next resistance level 32635.00 (monthly high from September and the target for the completion of the active C-wave).
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#DowJones rising inside C-wave
• Likely to reach resistance level 32635.00
Dow Jones recently broke the resistance level 31000.00 intersecting with the daily down channel from August and the 38.2% Fibonacci correction of the downward impulse from August.
The breakout of the resistance level 31000.00 accelerated the C-wave of the active medium-term ABC correction (2).
Dow Jones can be expected to rise further toward the next resistance level 32635.00 (monthly high from September and the target for the completion of the active C-wave).
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Nasdaq-100 performance to remain in the shadow of Dow Jones for months to come
The #DowJones is up 4.6% in the past five days versus 0.7% for the #Nasdaq-100. And this divergence in momentum may continue as long as monetary authorities remain in the regime of containing inflation rather than pushing it up as they have been doing since 2009.
The behaviour of the markets in February and May 2020 was the latest reminder that stocks could fall altogether, but recovery is closely dependent on changed circumstances. Then, thanks to monetary stimulus, the fate was on the side of “growth stocks”, widely represented in the Nasdaq-100, and now may shift to “value stocks”, which are more in the Dow Jones or the Russell 1000 Value.
However, until October, there was not much sense in picking leaders as stock indices were declining and the most obvious way to preserve capital was to buy dollars. Nevertheless, at the end of September, it seems the markets entered a new cycle.
The #DowJones is up 4.6% in the past five days versus 0.7% for the #Nasdaq-100. And this divergence in momentum may continue as long as monetary authorities remain in the regime of containing inflation rather than pushing it up as they have been doing since 2009.
The behaviour of the markets in February and May 2020 was the latest reminder that stocks could fall altogether, but recovery is closely dependent on changed circumstances. Then, thanks to monetary stimulus, the fate was on the side of “growth stocks”, widely represented in the Nasdaq-100, and now may shift to “value stocks”, which are more in the Dow Jones or the Russell 1000 Value.
However, until October, there was not much sense in picking leaders as stock indices were declining and the most obvious way to preserve capital was to buy dollars. Nevertheless, at the end of September, it seems the markets entered a new cycle.
#WaveAnalysis
#DowJones reversed from support level 32565
Likely to rise to resistance level 33500
Dow Jones index recently reversed up from the strong support level 32565 (former multi-month low from May) coinciding with the lower daily Bollinger Band.
The upward reversal from the support level 32565 created the daily candlesticks reversal pattern Bullish Engulfing.
Given the longer term uptrend, Dow Jones index can be expected to rise further toward the next resistance level 33500.
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#DowJones reversed from support level 32565
Likely to rise to resistance level 33500
Dow Jones index recently reversed up from the strong support level 32565 (former multi-month low from May) coinciding with the lower daily Bollinger Band.
The upward reversal from the support level 32565 created the daily candlesticks reversal pattern Bullish Engulfing.
Given the longer term uptrend, Dow Jones index can be expected to rise further toward the next resistance level 33500.
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The #DowJones has taken a high of 36,000, which is only 2.5% below its historical peak of January 2022. Above that round level, the index traded above it for a few days in November 2021 and briefly in December and January 2022.
This was a turning point three years ago and could now be again, and it's not about the magic of numbers at all but a lack of fuel for growth. The Dow Jones rally began on 30 October after closing below 32,400 the day before. The ensuing rally of more than 11.4% was almost without a pullback.
As a result, the Relative Strength Index reached 78.10 on the daily charts, going deep into overbought territory. The index has not climbed higher since the end of 2017. In that period, the RSI spent quite a long time in highly overbought territory, but the Dow Jones 30 growth rate was two to three times lower than the current one.
This was a turning point three years ago and could now be again, and it's not about the magic of numbers at all but a lack of fuel for growth. The Dow Jones rally began on 30 October after closing below 32,400 the day before. The ensuing rally of more than 11.4% was almost without a pullback.
As a result, the Relative Strength Index reached 78.10 on the daily charts, going deep into overbought territory. The index has not climbed higher since the end of 2017. In that period, the RSI spent quite a long time in highly overbought territory, but the Dow Jones 30 growth rate was two to three times lower than the current one.
#WaveAnalysis
#DowJones broke multi-month resistance level 35735.00
Likely to rise to resistance level 37000.00
Dow Jones index under the bullish pressure after the earlier breakout of the multi-month resistance level 35735.00, which stopped the previous impulse wave (A) at the end of July.
The breakout of the resistance level 35735.00 accelerated both of the active impulse waves 5 and (C).
Given the multi-month uptrend, Dow Jones index can be expected to rise further to the next resistance level 37000.00 (target price for the completion of the active waves 5 and (C)).
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#DowJones broke multi-month resistance level 35735.00
Likely to rise to resistance level 37000.00
Dow Jones index under the bullish pressure after the earlier breakout of the multi-month resistance level 35735.00, which stopped the previous impulse wave (A) at the end of July.
The breakout of the resistance level 35735.00 accelerated both of the active impulse waves 5 and (C).
Given the multi-month uptrend, Dow Jones index can be expected to rise further to the next resistance level 37000.00 (target price for the completion of the active waves 5 and (C)).
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Investors are focused on how all of today's events will impact year-end key rate expectations. Right now, rate futures suggest an 88% chance of a cut before year-end, with a 13% chance of a cut of more than 50 points. In other words, markets are plotting a 40-point decline in 2024.
A sharp rise in that number could support the markets' upswing by making it broader. In this case, the Nasdaq100 can reach 20,000 before the end of the month and the S&P500 to 5,600, while the road to all-time highs would open for the #DowJones and #Russell2000 in the perspective of a couple of months.
If inflation or Fed sentiment shifts expectations to one or less downside, however, it would prove to be a blow to the markets, capable of taking 5% or even 10% away from them in the next few weeks.
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A sharp rise in that number could support the markets' upswing by making it broader. In this case, the Nasdaq100 can reach 20,000 before the end of the month and the S&P500 to 5,600, while the road to all-time highs would open for the #DowJones and #Russell2000 in the perspective of a couple of months.
If inflation or Fed sentiment shifts expectations to one or less downside, however, it would prove to be a blow to the markets, capable of taking 5% or even 10% away from them in the next few weeks.
📣Trade responsibly with FxPro
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