The Weekly Dow Chart is not looking particularly healthy. There is divergences in the RSI indicator on top, and also the weekly stochastics as well.
Right now there are not many bigger traders in the market, but for the participants that are trading, they seem to be worried about the fed and their tapering decisions on the market soon. That does not occur until the 17th & the 18th of September, however you can see by the selling off over the last two weeks, that this is worrying many out there.
I have many guesses as to what might happen, bullish and bearish, but it does not matter, while other people out there struggle by trading the news, our members basically sit down and learn how to read charts and forget all the noise out there. :-)
Showing our readers this chart is super important because right now on the weekly you can see that we are in a bullish market. That is when the chart you are looking at is going from the bottom left to the top right. In our eyes this is not a bearish market. You do have to remember that even in BULLISH markets there are periods of selling or profit taking at regular intervals.
For us we are waiting for the smart money to get back in the market. These low volume moves in AUGUST will soon pass.
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| Weekly Dow Chart |
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Forget volume. We're due for a 10% correction.
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