Dow Jones Daily Chart

Dow Jones Daily Chart

dow jones daily chart

The Dow Jones Daily Chart is showing that we have had 3 down days in a row. Something that has not happened for a while. You can see that we are getting close to a 50 Moving Average too, which is watched by alot of analysts. The MACD signal is still not on a SELL signal.

Still I think we are holding pretty well after the major run we have had up over the last few weeks, and sentiment trader things we are still in a bull market. The debt ceiling talks are really messing with the markets here, and more lies from capitol hill will not give the market too much direction in the short term. Tapering and also debt ceiling is the talk of the town right now going into the end of the year!

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Is The Market Really Crashing

Is The Market Really Crashing ?

Having a look around the blogosphere this morning I was quite alarmed at what I was reading. There seems to be some so called analysts and news media sites calling the sell off we have been witness too the start of a bigger crash and or meltdown on the market.

WOW! I think these are big statements but would like to take the time to help traders young and old as to what I think ('IN MY HUMBLE OPINION' - of course) is really going on right now in a few simple sentences.

Before I do that, it is important to show you a chart, so lets go to the most damaged indicie chart right now the DOW JONES DAILY CHART.....

Is The Market Really Crashing

As you can see on the chart above we have gone from 15500 all the way to the 14976 level. So in saying that we have sold off just over 500 points as you read this. No where near a crash, that is for sure.

In fact, in terms of the huge move up we saw back in JUNE - AUGUST we have only taken off about half of those profits so far. So again, it is nothing really to sneeze at.

Here are some other important NOTES to REMEMBER :-

* We have rallied quite extensively in 2013 and profit taking is always going to occur.

* We are currently in a BULL MARKET and no where does it state bull markets must go UP IN A STRAIGHT LINE. 

* There has been no let-up in the 'taper tantrum' that has demolished stocks across the emerging markets in recent months.

* The fed has not issued their TAPERING statement this will happen NEXT MONTH.

* Spiking interest rates is putting pressure on the overall market.

* This is AUGUST and notoriously known to be low volume, and prone for corrections over the decades as smart money and bigger traders are on holiday, and totally out of the market.

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Head and shoulders pattern

Head and shoulders pattern on dow ?

Stocks snapped a three-day losing streak Thursday, with the S&P 500 finishing just below the 1,700 mark, buoyed by stronger-than-expected Chinese trade data and following a favorable jobless claims report.

Right now there are alot of analysts saying this market is strong... however if we look at the DOW JONES chart, I would not be calling this chart strong at all.

First of all we have been travelling sideways for weeks now.

Second, we are in summer trading and volume is very light making the action quite volative.

Lastly, as a whole the last few weeks could be nothing more than a nice HEAD AND SHOULDERS pattern, which would be a warning for people NOT to be too bullish for now.

dow jones daily chart

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