Dow Jones Industrial Average Index Update

23 nov 2022

First, we look at the trade idea I just published for the SPX as these two are closely related.
S&P 500 Index Update

We can see all the same signals...
These things they move in exactly the same way.

Just like Bitcoin and Ethereum (the "Merge"), the same goes for the SPX and DJI.

We have the major downtrend which has already been broken here.
So my speculation about the SPX upward corrention to prolong/go higher is true/possible, as it will follow the DJI.

We can see the DJI having a very strong bullish bias on the daily timerame already trading above MA200 and EMA300.

The next resistance here is showing as the August 2022 high/peak price.
We already see the DJI stopping short of this level today.

If this resistance can be conquered, the doors open for 35,400+ which at the same time tells us that the SPX can also grow.

Now, we see a divergence happening with the RSI, bearish divergence and we also see a potential for a sudden drop.

The weekly and monthly timeframes are full bullish.
The bulls have definitely the upper hand here...

The August 2022 resistance will be the next decision point.

Thank you for reading.

Namaste.