As you can see on the Dow Jones weekly chart here the very key weekly support is being tested to end the week. If there is a lower weekly low here it will almost certainly signal a major reversal.
Nasdaq weekly is also on key support. A lower low here will also most certainly signal a major reversal pattern. It is the first time there has been a confirmed cross below the kumo since 2011.
Russell weekly small caps are showing a major long term reversal pattern. It is testing a support level from back in 2013. There is a very large formation of a head and shoulders patern. Now confirmed with a lower high and lower low. The only way this can be reversed now is to get a rally back above the kumo which I would say at this point is most unlikely.
No comments:
Post a Comment