Weekly chart:
No change since last week. The Dow has broken the very mature uptrend, making it effectively trendless. The strong reversal candle from the week before last was not confirmed last week. Quite the opposite, the market picked up the downwards movement once more.
Daily chart:
In the daily chart, the downtrend can be clearly seen. The last correction zone is located between 17078 and 17536 points. The current correction reaches down to 16684 points. Since then, the market is going in the general direction of passing over into a movement again, without, however, really picking up momentum. As before, both options remain open: continuation of the downward movement or expansion of the correction.
Hourly chart:
The uncertain situation can be seen particularly here in the hourly chart. The trends are alternating very frequently and are also quite swiftly broken again. Currently, we are in a trendless phase, since the last downtrend was broken but no new uptrend has been able to develop yet. For this, the marker at 16277 points would have to be broken through by the closing price.
I hope you will remain favorably disposed towards me and always remember: the journey is the reward!
All the best
Markus Gabel
Head of Sales/Trading
AgenaTrader/TradeEscort
AgenaTrader Trading Software
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