Thursday, September 17, 2015

DOW timing chart called DIMBO

NOT Rocket Science to watch the Dow's breadth oscillator slice thru its 39 wk ma.    That, folks is 3 Rolling Quarters, pretty power support or resistance. Was SUPPORT, now RESISTANCE.  Dow is down from ATH of 18,350 to the mid 16's, and massive overhead resistance.  The MACD (blue bars + Twin line underneath), are in a serious down mode and below zero, which tends to summarize the trend pretty good.  Whats this likely to mean?  To me it means that since all the major averages look like this and are about to be joined by two indexes that lead, do the downside, that it will take a serious BEAR Market to clean this market of its excesses.

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