|
Commercial Member
|
Joined Jan 2007
|1,063 Posts
Not sure if this is what you are looking for but I will be keeping a very lose eye on this. DOW futures have rejected all time highs for the 3rd time this year. This last rejection appears to have formed a right shoulder after a classic bearish engulfing pattern...(in fact you could call it a doji star/engulfing pattern).
The measured move puts prices back at the low seen in Feb 2014. This pattern is by no means complete as it has not yet broken the neck line...but it something to watch. At the very least I think we are in for ranging conditions for the next few months until summer is over...and the third quarter begins.
Something else of note: While S&P and NASDAQ have been making new highs, DOW has been ranging and refused to move higher. Since DOW is measuring industry only this may say something about the "true" strength of the US economy (or lack there of).