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The selling continued in the stock market, but there is a recent development that I mentioned we should look for.
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DJIA - Yesterday I used this chart and mentioned that we could look for a possible double bottom low, or 'W'-Bottom with divergence. You see it at other Lows formed this year.
Tuesday the DOW dropped over 500 points and broke below the 200sma as a possible shake out / reversal.
1. It is safer to buy a swing low confirmed above the 10sma, as you can see, the last swing low 2 weeks ago failed at the 10sma. However...
2. For higher risk traders using technical analysis, That low can actually be bought with a stop below yesterdays lows, but keep in mind...
Read More Nothing has really changed since the weekend report. The markets have been choppy and difficult to record any gains over the past few days, but I do love the way the Precious Metals sector acted yesterday, so let's take another look at what we have.
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SPX - You can see that these types of sell offs into an ICL can lead to a double bottom, and Monday our General markets sold off further.
DJIA - You may want to look for something like this
HOWEVER....
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DJIA - I can't say with certainty whether this is a long term double top or not, but it has played out as a short term double top. We were expecting this drop into an ICL for weeks . Look at the strong bearish divergence on the MACD & RSI on a weekly basis. I've discuss in my daily reports what to expect going forward.
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