Where are the markets going? We had our worse down day since Sept 11. What is in store for us.
Let’s let the charts tell us what is going on.
Below is a weekly chart of the percentage movement for the S&P, Dow, Nasdaq. Green is the Dow, Brown is the SPX, and blue is the Nasdaq. Observe that the Dow is still more bullish then the other two markets. In fact, if you look back in time, the Dow has typically been on a higher percentage than the other two markets. This may change but this has typically been the case.
Below are the monthly Ichimoku charts for all three markets
For the INDU (Dow), price has hit the top of the kumo cloud now. This is a major support area. If price starts to go into the Kumo cloud, we are going to experience a lot more consolidation. Remember, this is a monthly chart. Notice, the last time we were in the cloud was back in 2001…..
For the SPX, …
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I have not had a chance to update the status of this trade. Profit targets were reached so the trade was exited.
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