Doug Sooley TECHNICAL ANALYSIS The DJIA ended an outside week down with a -4.13% loss. Friday’s trade took the index into the previously outlined ‘last-gasp’ support area at 30810/30680. The action filled in the gap that has stood on the daily chart in that area since July 15th. A late rally took prices to close near the …
TECHNICAL ANALYSIS Crude oil futures (DEC22) spiked higher today on the heels of Thursday’s bullish reversal and the daily now looks like a potential bear trap as Wednesday/Thursday’s trade took out both the August and July lows and carried DEC22 futures to the March lows. DEC22 Crude Oil Daily DEC22 futures have dipped into an …
TECHNICAL ANALYSIS New crop November soybeans are trading to the lowest level in a month on the daily chart as that chart continues to build a large flagging pattern to the right of the highs set in June at 1584.75. The daily oscillators and volume and open interest are all solidly neutral for the market …
The US Dollar is now trading at a twenty year high as the monthly reaches some overbought conditions. The market has reached the highest levels since June of 2002 and has tested a long-term resistance level at 11019. US Dollar Monthly The breakout to new multi-year highs this year has generated targets on the monthly …
The DJIA is rallying today with prices taking out Tuesday’s intraday highs. The market is responding to oversold conditions on both the hourly and the daily charts along with some generic ‘consensus’ from analysts that stocks are in a correction in a continuing bear market that will yield to ‘recession’ conditions in 2023. Some of …
The DJIA staged a large outside day reversal down to close near the lows of the day and a new low close for the current decline. The daily chart has reached deeply oversold conditions and prices still need to hold the last gasp area of support at 30810-30680. This area represents a 75-80% pullback from …
TECHNICAL ANALYSIS The DJI is attempting a reversal to start the month with prices hanging near the intraday highs at 1PM EST after gapping down this morning. Dow Jones Industrial Average Hourly Market enthusiasm was extremely high after prices topped at just above a 62% retracement of the entire downmove in August, only to quickly …
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