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Price Action On The Major Indices

Published 07/16/2012, 11:36 PM
Updated 07/09/2023, 06:31 AM
RED
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Each candle represents 3 days on all of the charts below of the Major Indices...the current candle will close tomorrow.

You can see they're in a tight upward trending channel (which is intact for the moment), with price action swirling around the 50 sma (red) since mid-May. Resistance remains overhead from April/May. The exception to this is the Utilities Index, which is well above its 50 sma, with near-term resistance from mid-June...and one to watch for evidence of any damaging weakness entering that may spill over into the other Major Indices...otherwise, I'd expect this channel to hold.

DJI CHART 1

DJI CHART 2

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