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21 Jun 2013
Dow Jones yearly uptrend is over - 2ndSkies
FXstreet.com (Barcelona) - After the Dow Jones formed a large bearish engulfing bar during Wednesday trading, suggesting that bears had taken over the control of price, the benchmark index liquidated further along an 'all red' Thursday session.
As Chris Capre, Founder at 2ndSkies, notes: "During the uptrend, each dip in the Dow was bought, but this is the first time a dip has not been bought on a pierce below the 20ema, without making new highs."
Capre thinks this equals "the yearly uptrend is over (unless Bernanke un-tapers)" the Trader and Educator said.
Capre looks to sell signals around 15115, 15045 and 14871 (if there is weak pullback), while on the downside, "targets will be 14685 and 14475" Capre added. Only a close above 15115 changes Capre's bearish bias.
As Chris Capre, Founder at 2ndSkies, notes: "During the uptrend, each dip in the Dow was bought, but this is the first time a dip has not been bought on a pierce below the 20ema, without making new highs."
Capre thinks this equals "the yearly uptrend is over (unless Bernanke un-tapers)" the Trader and Educator said.
Capre looks to sell signals around 15115, 15045 and 14871 (if there is weak pullback), while on the downside, "targets will be 14685 and 14475" Capre added. Only a close above 15115 changes Capre's bearish bias.