Market Update: Dow Jones Industrial Average
The market is trying to form a base even after Friday's and Tuesday declines. The question is do we get a new low for 2010 before the rally commences. Should this occur then the decline will not be expected to come across in vicious fashion as the red channel line should support the market.
Many market associates are likely calling for the top to be already in place and that is why we have to re-evaluate this scenario. At trading market signals it seems likely to us that prices will remain range bound whilst moving in upward fashion. At this moment in time it's hard to see the current range of 2010 being expanded by much and therefore any new low would although be scary for many, it would represent a terrific buy in our opinion. 10258 - 10352 is the area that will continue to cause the market problems and for any further upside to be considered the resistance range would need to be destroyed. Holding 10000 will technically show up as an inverse head and shoulders. Further support marks are sitting at 9900 and 9800, whilst any new low touches of the red line should provide further support.
At trading market signals the technical picture changes just as the scenarios on the road change whilst a driver is driving a car. A driver must adjust to various scenarios and a trader must also remain technically unbiased so that optimum results can be achieved. In fairness the price on the side will always simply be a number. Don't get emotionally attached as to what the value will be as the primary and sole aim should be to trade the markets. If you want to trade and learn the best way to strike the markets then come and join us. The Dow Jones hitting 9000 or 11,000 has no significant bearing on being able to obtain gains from the market as if the trend changes, so do we.
At TMS we're not a forum based website; fortunately this is not a place for idol gossip. Trading market signals will provide you with the unbiased direction you're trading requires. TMS will be closing its doors to retail members later this year. Institutional traders have become a major part of our membership and we're looking forward to making them our focus.
Retail traders can join at the special rate below which is not available via our website; http://tradingmarketsignals.com/#/flash-crash-price/4540799314
Obtain technical analysis commentary like no other with critical market charts and TMS signals that netted 15377 points in 2009 on the five major markets we follow: Dow Jones, GBP.USD, EUR.USD, Crude Oil and FTSE100.
Until next time, remember:
Trading Market Signals
...the hub of unbiased technical analysis!
Tweet
Circle Us