Dow Jones Rangebound Between 23.6% - 38.2% Fibs
The Dow Jones Industrial Average(DJIA) opened at $21,285 on Friday and closed at $21,052 for a loss of -$360(-1.7%). Price closed just above the 23.6% Fibonacci level which has acted as support for the past three trading sessions while being rangebound between the 23.6% and 38.2% Fib levels for the past eight trading sessions. Traders have been unable to push price above the 38.2% Fib level which is keeping price in the lower end of the overall Fib range(purple shaded area). As long as price is trading below the 38.2% Fib level the short-term trend will remain bearish.
Price hit resistance at the red downtrend resistance line on Tuesday and reversed which indicates that this trendline is still being viewed as a strong resistance level by traders. Until price rises above the downtrend line the short-term trend will remain bearish.
Price is down -29% from the all-time high of $29,568 made on February 12th and up +15% from the $18,213 bear market/selloff low made on the 23rd or March.
The Relative Strength Index(RSI) shows the green RSI line trending sideways below the 50 level which is the midpoint of the total RSI range. An RSI reading below the 50 level is an indication of bearish price momentum while a reading above the 50 level is an indication of bullish momentum. As long as the RSI line is below the 50 level the short-term price trend will remain bearish.
The Price Percent Oscillator(PPO) shows the green PPO line rising above its purple signal line which indicates a short-term bullish momentum trend, but both lines remain below the 0 level which is the centerline of the PPO indicator, A PPO reading below the 0 level indicates overall bearish momentum while a PPO reading above the 0 level indicates bullish momentum. As long as the PPO and signal line are trending below the 0 level the short-term price trend will remain bearish.
Current view on price remains bearish with the expectation that price will break down below the 23.6% Fibonacci level and re-test the $18,213 low made on the 23rd of March.
Price hit resistance at the red downtrend resistance line on Tuesday and reversed which indicates that this trendline is still being viewed as a strong resistance level by traders. Until price rises above the downtrend line the short-term trend will remain bearish.
Price is down -29% from the all-time high of $29,568 made on February 12th and up +15% from the $18,213 bear market/selloff low made on the 23rd or March.
The Relative Strength Index(RSI) shows the green RSI line trending sideways below the 50 level which is the midpoint of the total RSI range. An RSI reading below the 50 level is an indication of bearish price momentum while a reading above the 50 level is an indication of bullish momentum. As long as the RSI line is below the 50 level the short-term price trend will remain bearish.
The Price Percent Oscillator(PPO) shows the green PPO line rising above its purple signal line which indicates a short-term bullish momentum trend, but both lines remain below the 0 level which is the centerline of the PPO indicator, A PPO reading below the 0 level indicates overall bearish momentum while a PPO reading above the 0 level indicates bullish momentum. As long as the PPO and signal line are trending below the 0 level the short-term price trend will remain bearish.
Current view on price remains bearish with the expectation that price will break down below the 23.6% Fibonacci level and re-test the $18,213 low made on the 23rd of March.
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