The Dow has moved higher for 13 consecutive days. Today the price made a new highs going back to February 2022, but has rotated to the downside. The index is currently down -210 points or -0.59% at 35309.97. Bank of Japan threatening to change their policy (on top of ECB and Fed this week) may have surprised the market. The 7 year note auction didn't go all that well either and yields are higher. And let's face it 13 days in a row is pretty amazing (the last time it was done was 1987).
Looking at the hourly chart, the prices testing a swing low from yesterday near 35306.27. Move below that level and we could see further downside momentum. The 38.2% retracement of the move up from the July 10 low when the whole rally started comes in at 34904.40. That's only about 400 Dow points away. They rising 100 hour moving averages marching toward that retracement level as well.
In this video I take a look at not only the Dow industrial average would also the S&P and NASDAQ index, analyzing it on their respective hourly chart. What are the charts saying in the short term if these major indices correct in the short term.
