redbacka's - what does that tell us - thursday, page-20

In America:

Dow Industrials -0.06%
Dow Transports +1.19%
SP500 +0.11%
Russell 2000 +0.93%
Nasdaq100 +0.28%
Comment: The Dow 30 finished flat on low volume. Volume has been steadily dropping since late July.

NewHighs/NewLows 99/17 NH>NL. The ratio of NH/(NH+NL) is at 85.3%. In the Do Not Sell Zone.

Technical Comment on the Dow 30:

The Dow finished at 13164.8. Support/Resistance: 13058.2/13269
MACD Histogram. Below zero. Negative. Negative divergence setting up.
MACD. Above zero. Positive.
RSI.9 is at 62.5. Positive, but rolling over.
Stochastic. 89.9. Overbought. Below its signal line.
CCI.14: +60. Falling below the Overbought level. Caution.

The 10-DayEMA (blue dotted line) is above the 20-DayEMA (red dotted line). Positive.

The medium term trend is up. The short term trend is undecided.

A consolidations at the top of a range is usually considered to be a continuation pattern. But, the Dow 30 Chart has taken on the shape of a rounding top (with plenty of barbed wire). Patience is required to see which way the market moves. The severe overbought conditions have been eased, so there’s now room for the Momentum Indicators to move up. There’s also plenty of room below if the market decides to tank. Wait.

Redbacka.
Redbacka