This is the DJIA weekly chart. I did a Fibonacci extension projection from the 3/23/2020 low. Interestingly, it projected a high of 32168 at the 161.8% level. Let’s see if I did this right. This is a weekly chart so it is not over yet. Today, it hit the all…
Category: Stocks
S&P 500 Daily – Make or Break Soon
The strength from the NASDAQ & Dow helped the S&P 500 jump above 3900 today, but closed at 3875 in the end. It’s really at the cross road. The index is still below the purple trendline from the 10/30/2020 low. However, the index is confined within the green trendline from…
S&P 500 Daily – A Closer Look at the Trendlines
The uptrend trendline from 10/30/2020 appears to be broken. The trendline from 3/23/2020 is still intact. The index closed just right on the dot. On the Weekly chart, it closed below the trendline. Currently, we have the Dow, which just made the all time high today. NASDAQ is the weakest. …
Bollinger Bands and Renko Chart Indicate Resistance
What Happened S&P 500 Futures continued its upward correction from the recent high of 3959. From the all time high of 3959 to the recent low of 3720, 3868 is where the Fibonacci 0.618 level is. The chart below is the SP 500 Hourly Futures chart. In the following Hourly…
Successful W Pattern Double Bottom Propels Dow DJIA Higher
What Happened In the daily Renko chart, the W pattern Double Bottom is apparent. Dow touched the low of 30560 twice, bounced off the low, and went up from there. The only thing not yet confirmed is being able to close above 31920. What’s Next On Friday, 3/5/2021, the February…