This is the last (DJI) of the three major indexes (SPX, NDX, DJI) we track for the United States.
The Dow Jones Industrial Average (DJI) is also bearish on the daily, weekly and monthly timeframes... But we have something going on in the weekly chart.
DJI Weekly (W):
- As you can see, we have a Doji with high volume on this weekly candle. Prices remain above EMA50.
Now, this can be considered good and can lead to a reversal but confirmation is needed first.
For a bullish reversal, the weekly candle most close GREEN/Strong/Above EMA50 for the door to higher prices to open.
The MACD and other indicators are strongly bearish though:
Even though we have this signal, when we look at the Daily and Monthly timeframes we can see that the bears are still on top.
We also have the same situation on the monthly timeframe as we saw with the S&P 500 Index (SPX).
It is just moving and closing below EMA10 for the first time since February 2020... What follows we will know soon.
Be aware! Be prepared!
This can turn into something massive, this huge "crash/correction", but we are all coming out of it bigger, better and stronger that's for sure!