Always consider hidden risks
DJ Industrials (DIA ETF): Break Out ?
November 03 ( From TradingView )
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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 20 2015.
In fact, when we broke the Support Trendline on August 20 2015,
over on Dow Jones Industrials (DIA ETF) on a short term basis and then
then the panic selling level on August 24 at 150.20.
( See 1rst Chart Below - Grey Trendline )
Since then, the market have been on a strong rebound. We are above now
the 20 DMA ( Day Moving Average ) since October 2, the 50 DMA since
October 7 and most importantly, above the 200 DMA since October 23rd.
In fact, we did have a break out on November 2 from a Major Resistance Trendline that started back on May 20 2015. ( See 1rst Chart Below - Red Trendline )
But what puzzle me the most is that, on that DJ Industrials Break Out, it was done on a Lower Trending Volume... ( See Chart Below - Bottom Right - Red Line )
Dow Jones Industrials ( DIA ETF Daily Candles )
20 DMA ( Yellow Line )
50 DMA ( Red Line )
200 DMA ( Green Line )
DJ Industrials (DIA ETF): Break Out ? $DJI, $SPY #investing #dowtheory #SP500 #dowjonesindustrials