Pure trend following – no forecasts, no predictions, no personal opinions. Looking at 52 weeks, weekly of The Dow 30 Index, as of the close July 1st, ..it is plain to see the market is really struggling here. The market is trading below one year ago.
Trend following the Dow Jones Industrials Index $DJI today. Looking at the Weekly Reversal (multiple 5% reversals), it is trading well under a major S/R (Support and Resistance Price Level) of $26,184.00. And The Index today is about to cross under 0% annualized growth rate over the past 200 day ma. There are a bunch of RSI “Sells” going back 2 weeks, way in advance of today’s tweet.
Dow Jones 30 Index $DJI Weekly lookbacks Reversal chart:
The Dow Jones Industrials Index trend following at the moment, although in a long term Upward trend, so far has failed to close over the Price Reversals of last Month’s High, last Week’s High, and, yesterday’s High. So it’s fair to say the momentum has stopped. ..and these are not sell signals, .. at the moment.
The Dow Jones Industrial Average Chart today.$DJI $DIA Trend following the continuation of Higher Highs. This chart is 63 Days Daily. The Bullish S/R (Support and Resistance Price Level) shown is $26,240 We can make this more complicated if you like.