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Dow Jones Industrial Average (DJI)

NYSE
Currency in USD
Disclaimer
39,807.37
+47.29(+0.12%)
Closed

Dow Jones Industrial Average Discussions

The index bounced off of (almost) the 24,600 level which is the June 03 2019 low and symmetrical Support. This panic selling due to the coronavirus spread fears has taken DJI trading to a wider level on the 1M chart. This has technically the Higher Low Support on a year-to-year basis at 23,900, so we are either on the new yearly support or very close to it. Look at 1M technicals which are neutral (RSI = 50.187, MACD = 1,102.400, ADX = 25.944) and they have never gone bearish since 2009 which was the recovery after the subprime crisis. VIX has also nearly touched on Friday the 50.30 level of the trade war (February 2018). The 5 year high of 53.30 (China's economic slowdown fears August 2015) isn't far off either. With the Fed practically committing to rate cuts this year, I believe we have a good long term buy opportunity on the current levels but still need to take it one step at a time and start making Higher Highs on the 1W level.
It's called Voodoo Economics for a reason. 80% of the market is owned by less than 10% of investors. If you think this ponzi scheme is for the poor man you're wrong. But who profits from a ponzi scheme? The ones who get out first.
Thanks George
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