Another break of the Weekly TL has occured, are we going to see another fakeout this week or will price continue downwards?
Price is currently consolidating in between 16000-16700.
This week will be interesting. If the weekly closes above the TL the month may form a doji, highlighting the massive indecision for the month, whereas is if closes below DOW's in trouble.
Daily close below Weekly TL Resulted in a break and retest, with Friday's close forming a shooting star.
Also the daily resistance level @ 16350 was tested and closed below, indicating a possible move towards 16000 again.
It's clear investors are looking forward towards the Fed's rate hike as this will affect many indices across the board dramatically. The Feds prolonging of the inevitable is causing substantial indecision in the market currently. The aforementioned close of the monthly forming a doji will further reiterate my point. Could it be that the indices will range until the Fed makes the move?
I don't expect much trending personally but I will be looking to play the ranges, my overall bias for this index is to the downside. The technicals and fundamentals all point to an eventual drop bigger than the one previous seen in July.
Happy Trading,
Chartster
Price is currently consolidating in between 16000-16700.
This week will be interesting. If the weekly closes above the TL the month may form a doji, highlighting the massive indecision for the month, whereas is if closes below DOW's in trouble.
Daily close below Weekly TL Resulted in a break and retest, with Friday's close forming a shooting star.
Also the daily resistance level @ 16350 was tested and closed below, indicating a possible move towards 16000 again.
It's clear investors are looking forward towards the Fed's rate hike as this will affect many indices across the board dramatically. The Feds prolonging of the inevitable is causing substantial indecision in the market currently. The aforementioned close of the monthly forming a doji will further reiterate my point. Could it be that the indices will range until the Fed makes the move?
I don't expect much trending personally but I will be looking to play the ranges, my overall bias for this index is to the downside. The technicals and fundamentals all point to an eventual drop bigger than the one previous seen in July.
Happy Trading,
Chartster