$DJIA-Dow Jones Index
Gravestone Doji today which is a weak form of bearish reversal. Triple top neckline is acting as resistance.
If that resistance holds this week, I am expecting sharp pull back.
Retracement Target = around $12,800
$SPX-S&P 500 Index
Same story here just like Dow Jones.
Retracement Target = around $1,390
$COMPQ-NASDAQ Composite Index
NASDAQ is the weakest Index out of three. It pulled back before so we saw bears threat with Bearish Engulfing reversal candle on the 3rd of this month. Today we’ve got a Bearish Dark Cloud Cover which is bearish reversal pattern. If that resistance holds this week, sharp pull back is imminent.
Retracement Target = around $2,940
$DJT-Dow Jones Transportation Index
Shooting star yesterday and ANOTHER shooting star today. Two makes stronger than one.
Retracement Target = around $5,020
Dollar Index usually moves opposite of the market. We got ourselves a Hammer (potential bullish reversal) at this uptrend support.
Retracement Target = around $22.00
$DJIA-Candle Sticks Reversal Confirmed If…
($SPX’s candles formation looks exactly the same)
We are looking at (last three candles) bearish reversal formed right at the major resistance area. This reversal formation will be confirmed if we close below $13,134 area with good looking bearish candle. This typical candle formation is for a reversal and not a pull back signal. Which means we could see complete reversal of this trend however we don’t have enough data to confirm that yet so tomorrow will be very important day to determine where the Market as a whole will go.
$COMPQ-Double Top Reversal Confirmed If…
If we close below $2,958 area tomorrow with good looking bearish candle, this double top reversal formation will be confirmed. Again the double top formation is a trend reversal formation and not a pull back or retracement signal. When this is fully confirmed, we might see full on reversal on this NASDAQ Index. It means we could possibly see the bottom of this recent uptrend move yet again. Again we don’t have enough data to confirm any of that but there is sentiment floating around that could lead to full on reversal.