Dow Jones Rally Not Enough to Reverse Downtrend

www.investing.com/analysis/dow-jones-rally-not-enough-to-reverse-downtrend-200641406

By Tim Knight | Aug 30, 2023 02:55AM ET

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Below are two charts. The first one is the Dow Jones Industrial Average which, like all other stock indexes, had a huge rally today.

Take careful note of what’s happening, however. It is pushing its way back to the base of the rounded top. My view is that this top, formed through most of August, has defined a new direction in the market, and the Dow will soon resume its slippage lower.

INDU Price Chart

The second chart is pretty much the upside-down version of the first, since it represents volatility (AKA fear) which tends to move with almost perfect inverse correlation. The VIX did a beautiful job closing its price gap today, and my opinion (or at least hope!) is that it can resume its rally at this point.

VIX Index Chart

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TTV SPIFF Sep 14, 2023 6:16AM ET

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Your forecasts & technical analysis are amazing brooo🔥🔥🔥

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US 30	35,355.6	+22.1	+0.06%
US 500	4,549.9	-0.5	-0.01%
Dow Jones	35,333.47	-56.68	-0.16%
S&P 500	4,550.43	-8.91	-0.20%
Nasdaq	14,241.02	-9.83	-0.07%
S&P 500 VIX	12.75	+0.06	+0.47%
Dollar Index	103.085	-0.020	-0.02%

Crude Oil WTI	75.61	+0.75	+1.00%
Brent Oil	80.62	+0.75	+0.94%
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U.S. 10Y	4.394	+0.007	+0.16%
U.S. 30Y	4.540	+0.007	+0.15%
U.S. 5Y	4.398	+0.008	+0.18%
U.S. 3M	5.441	+0.017	+0.32%
US 10Y T-Note	108.97	-0.03	-0.03%
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Dow Jones Rally Not Enough to Reverse Downtrend

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