DJT on a downtrend
DJT is on a downtrend since i last posted on it last month. Of not all stocks in DJT are on a downtrend but the major ones are underperforming.
DJT touched on the MA100 line back in Jan 2021 and rose to ATH in May 2021. Since then it has declined around 13%. It is a lower high and low on the weekly and this indicates and confirms the downtrend unless this is broken.
UPS recently gapped down 3 days ago and has been going sideways (inside bars).
The transportation index is the driver of the economy and you need it to transport goods around. Perhaps the economy is slowing down a bit before moving higher. But with so many things are at ATH at the moment and very high valuations on few stocks, there could be a general corrections on the way, but might not be for a couple more months.
If the supply of credit is there by the Feds, this market will hold.
DJT touched on the MA100 line back in Jan 2021 and rose to ATH in May 2021. Since then it has declined around 13%. It is a lower high and low on the weekly and this indicates and confirms the downtrend unless this is broken.
UPS recently gapped down 3 days ago and has been going sideways (inside bars).
The transportation index is the driver of the economy and you need it to transport goods around. Perhaps the economy is slowing down a bit before moving higher. But with so many things are at ATH at the moment and very high valuations on few stocks, there could be a general corrections on the way, but might not be for a couple more months.
If the supply of credit is there by the Feds, this market will hold.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.