Posted by on November 22, 2017 3:45 pm
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Categories: Business Dow Dow 30 Dow Jones & Company Dow Jones Industrial Average Economy Finance Financial markets money Pattern recognition Price Action Price action trading S&P Dow Jones Indices stock market Technical Analysis Technology Twitter

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Below looks at the Dow Jones Industrials Index over the past 100 years on a monthly closing basis-

In the early 1980’s the Dow used old resistance to become new support at (1), where a breakout and strong rallied followed.

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The Dow looks to be using old resistance as new support to push higher off of at (2) again.

Positive price action off new support at (2) continues. For bulls to get concerning long-term concerning message from this pattern, support would need to be taken out at (2).

 

Why you see chart pattern analysis with brief commentary:   

There is a ton of news and opinions about markets and stocks that make the decision-making process more difficult than it needs to be.    

I believe the Power of the chart Pattern provides all you need to see what is taking place in an asset and determine the action to take.  

This approach has worked well for me and our clients and I encourage you to test it for yourself. 

 

 Send an email if you would like to see sample research and take me up on a trial of our Premium or Weekly Research where I provide actionable alerts on breakouts and reversals in broad market indices, sectors, commodities, the miners and select individual stocks 

 

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