The Dow Jones Industrial has fallen -394 points today. Fundamentalist say it's FOMC Member Rosengren, CNBC says "Nothings wrong, look away." and the charts tell a different story.
My Analysis: Clear Head & Shoulder (or Double Top) pattern. Accelerated break through 50 Moving Average down to a proving upward sloping trend line.
Based on price we should bounce off the trend line or 18,0000 if price decelerates. The 200 moving average and 17,310 are next proven targets for support if it continues. At the moment if it slows down on this trendline or 18,000 expecting consolidation.
On the other side if it breaks 18,000 It could pull back retest it as Resistance and continue lower.
Make sure your analysisng markets from a place of non-bias views.
My Analysis: Clear Head & Shoulder (or Double Top) pattern. Accelerated break through 50 Moving Average down to a proving upward sloping trend line.
Based on price we should bounce off the trend line or 18,0000 if price decelerates. The 200 moving average and 17,310 are next proven targets for support if it continues. At the moment if it slows down on this trendline or 18,000 expecting consolidation.
On the other side if it breaks 18,000 It could pull back retest it as Resistance and continue lower.
Make sure your analysisng markets from a place of non-bias views.