Dow Jones Index in Short Term Uptrend

DJI has formed a higher low which means that a short term uptrend is established. Next resistance will be at around 11820. If it manage to clear this resistance, next resistance will be at 12000, 12400 and the major resistance is currently at around 12700, which is its long term top trendline.

Looking at a bigger picture, DJI is still in a long term downtrend. It need to break the long term top trendline in order to reverse the long term trend.

Dow Jones Index seeing some Resistance

Dow Jones index closed at 11632 after hitting high of 11820. With the candle showing a doji, looks like some bears start to come out again and some bulls are taking their profit as well. We can see from the daily chart, currently there is a resistance at 11829 (50d EMA) which coincide with the 200w EMA in weekly chart.

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For indicators, MACD shows sign of of crossing the centerline soon, but base on my another fast leading indicators, it is actually at oversold region and it is showing sign of moving down. With the resistance at 11829, DJI is likely to come down for the next few days. For a continue short term uptrend, we need to have a higher low formed.

STI has Fallen Below its Support?

STI has fell below its support at 2850 and closed at 2830. It has break below both bottom uptrend line shown in the chart. Base on current market sentiment, looks like there may have more down side.

Also, with the starts of the result announcement period, unless you are expecting some good results, if not, it will be good to stay clear of the path.

Hansg Seng Index Breaking Down?

HSI closed at 21174, falling below its neckline of the head and shoulders at around 21220.

Things really doesn't look good.

Major Supports for DJI

Current support for DJI is at around 11000. If this support failed, base on the weekly chart, next support will be at around 10000 which is the bottom trend line, this will provide an even stronger support level.

Can DJI make a reversal around 10000? That is a critical support level.

Dow Jones Index Found the Support?

After days of ups and downs, DJI has finally touches it support (Bottom trend line) at around 11000, which can be a strong support. With MACD crossing over the signal line, it posts a good chance for a short term rebounce. But the market is still in a downtrend in long term.

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In order to have a confirmation on short term reversal, DJI need to break it current resistance (top trend line) at around 11280~11290.

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