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Dow Jones Trend Analysis - 1/29/2010

It was the third consecutive negative week for the Dow Jones (^DJI). During the week, the ^DJI dropped -105.65 points, or -1.04%, and closed at 10067.33 on Friday, January 29, 2010. ^DJI was trading on average weekly trading volume. Read More ...

A medium-term uptrend had started on March 9, 2009 at 6440.08 and reached 10767.15 on January 14, 2010. ^DJI gained -4327.07 points, or -67.19%, in 44 weeks.

A short-term downtrend had started on January 14, 2010 at 10767.15 and reached 10023.80 on January 28, 2010. Dow Jones lost 743.35 points, or 6.9%, in 14 days. Price is near the trend low.

There are two possible scenarios that we would like to consider.

1. The Dow Jones medium-term uptrend is completed. It has formed the three waves ABC structure. A new medium-term downtrend has started on January 14. The current short-term down wave that has started on January 14 is a first sub wave of the new medium-term downtrend.

2. The Dow Jones medium-term uptrend is still in progress. The current short-term down wave that started on January 14 is a forth sub wave of the current medium term uptrend.

In both cases, the short-term downtrend is close to completion. Short-term rally may start soon. Daily Williams' Percentage Range and Lane's Stochastic are oversold. The short-term down wave is near the support trend line. Almost 20% of S&P 500 members have an uptrend support alert.

If scenario #1 is in play, the current down wave may take longer and break the medium-term uptrend support line. The reversal might be weak and short. Dow Jones will not reach the recent high (10767.15).

If scenario #2 unfolds, the support should hold, the reversal may start sooner and Dow Jones will move toward the medium-term uptrend resistance line which is currently near 11120.

Dow Jones Industrial Average

Presented by www.thegreedytrader.com Research Group.

S&P 500 members - Trend Support Alert

Daily and weekly indicators are oversold for all three major US indices. More than 28% of S&P members are oversold, and more than 22% have a Trend Support Alert.

Jul 4 , 2010

S&P 500 members - Downtrend Resistance alert

More than 60 S&P members have the Downtrend Resistance Alert. Daily Williams' Percentage Range and Lane's Stochastic are strongly overbought.

Jun 20, 2010

S&P 500 members - uptrend support alert

More than 30% of S&P 500 members have an uptrend support alert. This alert indicates that stock price is near the monthly uptrend support level.

May 23, 2010

Dow Jones Elliott Wave count

Dow Jones gained 68.03% in 53 weeks. The chart has formed a Rising Channel chart pattern. Fifth wave up is in progress.

Mar 21, 2010

NASDAQ at the highest level since September 2008

NASDAQ medium-term trend has formed a five-wave structure. The fifth wave is in progress now. The price is near the trend resistance line (2331.43).

Mar 5 , 2010

Is Dow Jones going above January high soon?

Dow Jones has advanced above the 50 Day Moving Average. MACD line has moved above its signal line. Both crossovers are considered as bullish signals.

Feb 19, 2010

The Dow Jones has formed a falling channel pattern

The Dow Jones lost 932.06 points, or 8.66%, since January 14. The downtrend has formed a falling channel pattern.

Feb 7 , 2010

The Dow Jones short-term down trend is near the support line

The Dow Jones is near the support line. Daily technical indicators are oversold. Almost 20% of S&P 500 members have an uptrend support alert.

Jan 31, 2010

S&P 500 has crossed below the 50 Day Moving Average

S&P MACD line has moved below its signal line; the price has crossed below the 50 Day MA and has closed below the lower Bollinger Band.

Jan 24, 2010

The Christmas rally has pushed the stocks ahead

The trend following indicators have turned bullish, while almost 20% of S&P 500 members are overbought.

Dec 25, 2009

Technical indicators caused a sharp stock market sell off

Strong resistance caused a sharp stock market sell off. The S&P 500 index has lost 3.3% in two days.

Sep 27, 2009

S&P 500 is forming a rising wedge pattern

S&P 500 is forming a rising wedge chart pattern. The next up leg could reach the resistance around 1075 in October.

Sep 6 , 2009

All three major US indices are overbought

109 out of S&P 500 members are overbought, 51 stocks have daily MACD bearish divergence.

Jul 25, 2009

S&P 500 - head and shoulders pattern

The S&P 500 has an Uptrend Exhaustion alert. Chart has formed the head and shoulders pattern. Price is near the neckline.

Jul 12, 2009

S&P 500 - Uptrend Exhaustion alert

The S&P 500 index has an Uptrend Exhaustion alert. The next resistance level is near 1044. The support is near 470.

Jun 7 , 2009

S&P 500 - downtrend resistance alert

The S&P 500 index has a downtrend resistance alert. The weekly ABC zigzag pattern is almost completed. Resistance is near 944.

May 10, 2009

The upside potential is limited

The S&P 500 upside potential is limited and chances are high that price will turn down soon. The support is near 805.

May 3 , 2009

S&P 500 chart has formed the broadening wedge

S&P 500 chart has formed the broadening descending wedge. The uptrend may pause for a while to reset technical indicators.

Mar 29, 2009

S&P 500 chart wave analysis

S&P 500 chart wave analysis and technical indicators suggest that the downtrend might be close to completion with the target around 650.

Feb 22, 2009

S&P 500 is forming a triangle pattern

Since mid October the S&P 500 is forming a horizontal expanding triangle pattern. The support is near 600, and resistance around 959

Jan 19, 2009

S&P 500 resistance is near 965

S&P 500 resistance is near 965 now and the support is near 738. S&P may turn down to retest the support line once more.

Nov 30, 2008

S&P 500 technical indicators have bullish divergence

S&P 500 technical indicators have bullish divergence. It is usually considered as an indicator that bears are losing power.

Nov 14, 2008

Major indices have formed a triangle chart pattern

All three major indices have formed a triangle pattern. Usually, in a mature trend a it is considered as a reversal pattern.

Oct 12, 2008

Bear market technical indicators

According to the technical indicators, the sharp market down wave might be close to completion.

Oct 12, 2008

Bear market statistics

Average length of a bear market - 18.5 months (current - 12). Average bear market decline - 36% (current - 28%).

Oct 5 , 2008

Major indices posted the biggest gains since 2002

The Dow Jones, S&P 500 and Nasdaq have posted the biggest gains since October 11, 2002 in two consecutive trading sessions.

Sep 19, 2008

Dow - head and shoulders pattern

Dow Jones long-term chart has formed a head and shoulders pattern. After retesting the neckline Dow has resumed the long-term downtrend.

Sep 7 , 2008

Nasdaq is forming a triangle chart pattern

Nasdaq is forming a triangle chart pattern. It usually represents an area of indecision, where the direction of the movement is questioned.

Aug 17, 2008

S&P 500 has formed a Bearish Advance Block pattern

The down trend might not be completed yet, and it may resume soon. On Friday, S&P 500 Index has formed a Bearish Advance Block candlestick pattern.

Jul 20, 2008

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