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DJ Industrials:  My Uptrend Channel ?
 October 21 ( From TradingView )
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The Situation

​​​The US equity market was showing some strenght since mid-May  2015. ​Industrials were
​performing very strongly since then and was a sign for that;  it did ​confirm the last upleg of the 
​stock market.  ​But the Industrials are weakening ​tremendously  since its peak done on
​May 19 2015.

​​Two chart below is worth a look where we will show the the ​​Dow Jones ​Industrials.


On July 21, the DJ Industrials (DJI)  closed below the 50 DMA ( Day Moving ​Average - ​Red Line
​- Chart Below ), a first weak ​technical sign.

On July 23, the DJ Industrials closed below the 200 DMA ( Day Moving Average - ​Green Line -
​Chart Below ), a second weak ​technical sign.

​​​On August 11, the 50 DMA (Day Moving Average - Yellow Line - Chart Below) ​​on the
​​​DJ Industrials closed below the 200 DMA (Red Line - Chart Below), called a
Death Cross, ​a 
​third weak ​technical sign. ( Chart Below - Ellipse )


​​On September 17, DJI tested the Resistance Trendline from a Rising Wedge Pattern that started back on August 24 2015 and we had a Shooting Star Pattern on DJI that day. ​​( See chart below - Blue Line )​

​​On September 29 and on October 2, DJI tested the Support Trendline from that same Rising Wedge Pattern that started back on August 24 2015. ​​( See chart below - Blue Line )​


​​On October 2, the DJ Industrials closed above the 20 DMA ( Day Moving Average - ​Yellow Line - Chart Below ) , and on October 6 did close above the 50 DMA ( Day Moving Average - ​Red Line - Chart Below ). On October 20, the 20 DMA closed above the 50 DMA, another good technical sign indeed for the Dow Jones Industrials

​​​​Since October 8, DJI keep testing again and again the Resistance Trendline from that same Rising Uptrend Channel Pattern that started back on August 24 2015. ( See chart below - Blue Line )​  Only breaking that resistance will gives us another Bull Impulse to the 200 DMA zone, the next resistance  ​​( See chart below - Green Line )​
Bulls need to protect the Support Trendline from an old rising wedge. ( ​​​See chart below - Yellow Trend Line )​


But the most interesting technical factor is that, On a Relative Basis compare to the SP500 Index, the DJ Industrials tested the Major Support Trendline level that started back in August 1999 and rebounded!
​​​​( See Red Trendline - Second Chart Below )





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Dow Jones Industrials ​( Daily Candles )
20 DMA ( Yellow Line )
​50 DMA
Red Line )​
200 DMA ( Green Line )​
Charles Dow
DJ Industrials: My Uptrend Channel ?  $DJI, $SPY  #investing #dowtheory #SP500 #dowjonesindustrials

Financialiceberg.com
RATIO
Dow Jones Industrials
over SP500 Index ( Blue Line )
20 DMA ( Amber Line )​

Financialiceberg.Com