DOW

dow - daily long term
uk.advfn.com/p.php?pid=chartscreenshotsh...hj+JQNyCR61g98l+zrg=

How many times in the last 5 years has the rsi fallen below the key 30 oversold level on the rsi??
twice....when we had full blown corrections....
no break below 30 level on the rsi....no lower...

dow - daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...YxYFjgO1frVieUl+ukE=
notes are on the chart.
keep saying buy the dips....and don't short the US markets imvho... but as always wdik.

atb, wdik, dyor,
trendfriend

Remo- thank you for the follow up point on the trend break.

From a technical perspective- what would you say the move up today is around ?

I have seen this type of moves many times and it seems like a mix of short covering, traders coming into the mix and then dump etc etc.

Would be keen to know if this move is a classic move before the next leg down ?

Thanks

Ive closed most of my longs on my Sipp, and have shorted the dow now as its broken the main down trend line from last year and also has a 123 top breakout today so suspect this could head towards the 200ema

dow - daily. real time cash trading hours only chart.
uk.advfn.com/p.php?pid=chartscreenshotsh...mFaMuufMQZN9FoR24CM=

close up dow - daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...0lJQG1PDkq923zpIY%3D

the trendline has indeed been busted....but watch the 50 day eme line.(green line)
key level and usually does a bear trap rebound from around there.

Whilst your right this looks shaky....it always bounces back. So i don't think despite the t/line going its a good idea to short imvho...
Maybe if we get a technical event like a big gap below the 50 day ema line then a weekly close below

Lets see...almost certain the fed will give the dow good pump in the next couple of days!

atb, wdik, dyor
trendfriend

On standby for a short as the long term trend line has been (i think)broken. I wlll see if a close today is below the trendline.....its all getting tricky as there is fed news tomorrow.....volatile

Dow is still bullish as long as it stays above the main trend line from march 2020.