26/03/2019/11:00CET
A quick look at the traditional makrets to see what our TA is telling us. How strong is the stock market in reality.

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Guys, no crazy TA here, just simple tried and true indicators and trends to look at and get a glimps at the probable future in the markets

DJI

DJI Daily

• Trading at 25516 at the moment
• This definitely looks like a double top as the testing of resistance at 26100 failed
• We have also broken below the 21dema but the other moving averages are still below us.
• we are well north of the old expanding descending wedge. I would not put much stock in it anymore, but if we were to, then a 5% drop would have us test the upper boundary. And the lower boundary is in the -30% region. That would be a spectacular drop indeed, but unlikely I think

Weekly DJI

• This looks like the second shoulder of a head and shoulders pattern that started about 12 months ago.
• I think the probability at the moment is leaning toward weakness ahead.

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It is not really interesting to look at the S&P and Nasdaq because they seem to track the DJI so lets leave it at this. Their charts look much the same as these.

I do want to leave you with this macro chart: the DJI monthly

Need we say any more!