The Greedy Trader Weekly Analysis
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- 9/15/2023 -
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Dow Jones (^DJI) Technical Analysis

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Summary:
Weekly :Weekly  MACD line has moved below its signal lineTrend resistance at 33853.05
Daily :Williams' Percentage Range is overboughtA Parabolic SAR indicator is above and near the pricePrice is close to the 50 Day Moving AverageDaily  MACD line has moved above its signal lineThe price is close to the moving average in the center of the Bollinger BandsThe period of low volatility of the stock price
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It was a first positive week for the Dow Jones (^DJI). During the week, the ^DJI climbed 41.65 points, or 0.12%, and closed at 34618.24 on Friday, September 15, 2023. Weekly volume was 9% above average.

Long-term trend: [See ^DJI long-term trend chart]
A long-term uptrend had started on October 13, 2022 at 28660.94 and reached 35679.13 on August 1, 2023. ^DJI gained -7018.19 points, or -24.49%, in 41 weeks. The chart has formed a Symmetric Triangle chart pattern. The price is near the trend resistance line (33853.05). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a long-term trend.

Medium-term trend: [See ^DJI medium-term trend chart]
A medium-term uptrend had started on March 15, 2023 at 31429.82 and reached 35679.13 on August 1, 2023. ^DJI gained -4249.31 points, or -13.52%, in 19 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 34338.64 and resistance is at 36430.72. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a medium-term trend.

Weekly Technical Indicators: [See ^DJI weekly technical indicators chart]
Weekly technical indicators are neutral.

During the last week, weekly MACD line has moved below its signal line. Such crossover is considered a bearish signal. Use the following link to access a MACD help.

Short-term trend: [See ^DJI short-term trend chart]
A short-term downtrend had started on August 1, 2023 at 35679.13 and reached 34029.22 on August 25, 2023. ^DJI lost 1649.91 points, or 4.62%, in 24 days. The chart has formed a Symmetric Triangle chart pattern. The trend support level is at 34553.90 and resistance is at 34793.43. A Symmetric Triangle pattern represents the area of indecision, where the movement direction is questioned. Chart pattern analysis usually considers a symmetric triangle chart pattern as a continuation formation which resolves in the direction of larger trend, but it also may mark the trend reversal. Use the following link to access a Symmetric Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Symmetric Triangle pattern in a short-term trend.

Daily Technical Indicators: [See ^DJI daily technical indicators chart]
Daily Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Williams' Percentage Range help.

During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.

A Parabolic SAR (stop and reversal) indicator (34566.8) comes close to the price (34618.24). It indicates that the trend is getting weaker. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

The price is close to the moving average in the center of the Bollinger Bands. The distance between the Bollinger Bands is falling, and it was 2.32% on Friday. It is 61.63% lower than one year average. It indicates the period of low volatility of the stock price. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

Price is close to the 50 Day Moving Average. While daily technical indicators are overbought, the 50 Day Moving Average is considered a resistance level. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 56.31
Williams' Percentage Range (W%R) 16.10
Overbought
Lane's Stochastic (%D-Slow) 53.38
Greed/Fear Indicator (GFI) 64.51
Moving Average Converg./Diverg. (MACD) -51.90
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 55.78
Williams' Percentage Range (W%R) 25.10
Lane's Stochastic (%D-Slow) 47.78
Greed/Fear Indicator (GFI) 58.70
Moving Average Converg./Diverg. (MACD) 428.14
Trading Signals
Description Value Chart
Monthly Trendline Resistance 36430.72
Upper Bollinger Band 35085.10
50 Day Moving Average 34831.61
Weekly Trendline Resistance 34793.43
Weekly Stochastic Crossing 34746.49
Daily Stochastic Crossing 34667.54
Price 34618.24
Quarterly Trendline Support 34613.55
20 Day Moving Average 34580.40
Parabolic System 34566.80
Weekly Trendline Support 34553.90
Monthly Trendline Support 34338.64
Lower Bollinger Band 34281.31
Quarterly Trendline Resistance 33853.05
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 34029.22
Low Date 08/25/2023
High 35070.21
High Date 08/31/2023
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern Symmetric Triangle
Status Valid
Resistance 34793.43
Support 34553.90
High 35679.13
High Date 08/01/2023
Low 34029.22
Low Date 08/25/2023
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 36430.72
Support 34338.64
Low 31429.82
Low Date 03/15/2023
High 35679.13
High Date 08/01/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Status Test Resistance
Resistance 33853.05
Support 34613.55
Low 28660.94
Low Date 10/13/2022
High 35679.13
High Date 08/01/2023
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 6440.08
Low Date 03/09/2009
High 36952.65
High Date 01/05/2022
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.