DJIA Archives Scandinavian Capital Markets

DOW JONES INDUSTRIAL AVERAGE (DJI) DAILY

Market Update 4/21 – Longer Term Dow Trend Change?

ByJamie Saettele April 22, 2022April 22, 2022

The Dow traded to its best level since 2/10 today before plummeting all day and forming a massive bearish outside day in the process. Scroll out and you’ll see that price has been pressing against a flat 200 day average as well. I’m wondering if this is a larger trend change. It’s safe to say that the broader trend has shifted from up to sideways. If price breaks the long term center line then the trend will be considered down with focus on 29800 or so. The full picture from the 2009 low is below.

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Market Update 3/21 – Stocks into Resistance

ByJamie Saettele March 21, 2022March 21, 2022

The Dow has reached and responded to the noted level for resistance. The rally from 2/24 also channels in a corrective manner (see hourly chart below). I’m ‘thinking’ lower from this level with possible support near the center line of the corrective channel (about 33860).

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Market Update 3/16 – Key USDSEK Development

ByJamie Saettele March 17, 2022March 17, 2022

USDSEK held up for 2 days before crashing though the median line today. The drop under the median line is a key bearish development for the USD generally. The underside of the line is now resistance…as it was in June, July, August, November, January, and February. That’s currently about 9.56. The next downside test is 9.15/18 (lower parallel and former resistance).

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Market Update 2/22 – USDRUB Reverses…Time for a Risk Squeeze?

ByJamie Saettele February 23, 2022February 23, 2022

You may have heard that Russia is in the news. USDRUB reversed sharply lower today after tagging daily reversal resistance (daily high close from March 2020). This level was also resistance in November 2020 (U.S. election). The reversal lower today ‘fits’ with a coming squeeze in equities and a pullback in gold. I’m wondering if the USD also breaks down. The chart below shows USDRUB and DXY since the beginning of the year. Let’s see…

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Market Update 1/19 – Bearish USDCHF Setup

ByJamie Saettele January 20, 2022

Is USDCHF about to get destroyed? After failing at a 2+ year trendline in late 2021, price has broken a year long trendline and now re-tested the underside of the line the last 2 weeks. This chart is extremely bearish.

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Market Update: January 26

ByScandinavian Capital Markets January 27, 2021

The drop from Friday’s high in EURUSD is a clean 5 waves. The implication is that price declines below 1.2108 while staying below 1.2190. Consider that the noted 5 wave decline occurred after a perfect corrective channel and a turn lower from resistance (see below) and there is good reason to be bearish against 1.2190.

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Market Update: October 1 – Important Monthly USD Signal

ByJamie Saettele October 1, 2020

It’s a new month which means we monthly volume signals, which are obviously rare. DX futures made a 2 bar monthly volume reversal. This means that August was a high volume up month and at least a 12 month closing high and September was a high volume down month (go here for more on volume indicators).

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Market Update – September 21

ByJamie Saettele September 21, 2020

The Dow is testing critical support from the June high. This level has been support since 8/20. A break below would complete a head and shoulders top that’s been forming since early June. The measured objective would be 25853.