Dow Jones Daily Chart update

Dow Jones Daily Chart update

It seems many investors are nervous right now, and the Dow Jones Daily Chart in the last few days has technically breached a significant RISING SUPPORT line that has been in place since the start of JANUARY 2013. (see below)

We have actually seen 4 consecutive days of selling on the market now, something we have not seen for several months.

Dow Jones Daily Chart update

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appl chart - appl chart bearish

appl chart - appl chart bearish ?

looking at the appl chart there is no doubt the appl chart seems to be in trouble.

In 2012 the appl chart did nothing more than create a massive head and shoulders pattern.

At the start of this year 2013, the appl chart broke down from the head and shoulders pattern and has been in trouble ever since.

Right now, the appl chart has broken down below its major rising support line and does not look healthy at all.

The indicators on the appl chart do not look that convincing either for a big bounce coming, and with the problems with apple sales at the moment, I think this is just going to add to their mix of bad problems in 2013.  

I think that one of the most alarming things for the appl chart, is that while the market has been rising in 2013 the appl chart looks like death warmed up. Oh dear!

appl chart

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McClellan Timer chart - McClellan Timer chart

McClellan Timer chart below.

As you can see the McClellan timer chart is a good chart to spot divergences. The chart below is showing us that the Nasdaq has been in a nice upwards channel since the very beginning of 2013. We have not busted out of this channel on the up side or the down side.

The most important thing on this chart is that the NAMO market breadth has been declining for the last few months, while the price has been increasing slowly and steadily.

The NAMO is still in positive territory and that is a good thing for the bulls, and due to the face we are still in that upwards channel drawn below, that is also favoring the bulls.

The worrying thing here is that rising price, and falling NAMO is not bullish typically.

This chart is now telling us that the 3150 or around this level is very significant.

McClellan Timer chart 

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Nasdaq Weekly Chart - The Nasdaq weekly chart

Nasdaq Weekly Chart

If we have a look at the Nasdaq Weekly Chart we can see just how amazing it is.

Now for those out there that do not know the different between bullish or bearish.

Bullish = When you see a chart go from bottom left to the top right that is bullish. 

Bearish = When you see a chart go from top left to bottom right that is bearish. 

The Nasdaq Weekly Chart is still showing us the bulls are in control.

Since 2009 we have not broken the fantastic rising support line seen below.

nasdaq weekly chart

No matter what the pundits out there are saying, this chart is bullish. Now I am not saying we will not see some dips, and maybe even some gigantic dips, but do not be surprised if we finish alot higher by the end of 2013. :-)


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