Dow jones weekly chart analysis

WEEKLY CHART

WEEKLY CHART

• The first chart shows dow jones moving in an upward moving channel.
• It has taken support at the lower trend line of the channel and will try to remain in the channel and moving up.
• Next chart shows a rising wedge in weekly chart breaking down which can have serious down side targets for dow jones.
• But right now a rally towards the break down point of this raising wedge is going on. Which can end any time and the correction for this pattern can be huge.
• Third one is another bull chart shows a triangle break out. If sustains above fridays high 10235 it can move to 10315-10325 initially.
• Another important thing to remember is the 200 DAY Simple moving average in daily chart comes around 10310 so this area needs to be watched for reaction as well.
• SP 500 EOD ANALYSIS
  
• RUSSELL 2000 INDEX EOD ANALYSIS
  
• POWERSHARES QQQ TRUST SERIES I WEEKLY ANALYSIS
  

Russell 2000 index end of day analysis

DAILY CHART

DAILY CHART

DAILY CHART

• Russell 2000 First chart shows positive divergence in MACD.
• Since the divergence is in daily chart it is very positive for the index.
• Second chart shows a falling wedge pattern. Any up move from here is possible on the break of the upper boundary.
• Third chart shows price closing above 10 day moving average. But not able to go above 20 day moving average.
• So any up move is possible only on a firm trade above 650. A daily close above 650 will give a target of 667-670.
• SP 500 EOD ANALYSIS
  
• POWERSHARES QQQ TRUST SERIES I WEEKLY ANALYSIS
  
• DOW JONES WEEKLY ANALYSIS
  

SP 500 End of day analysis

SP 500 DAILY CHART

SP 500-WEEKLY CHART

• The week chart of sp500 has formed a hammer pattern.
• The index like dow jones has captured the 10 day and 20 day sma. But has some more distance to go for the 200 day SMA.
• The falling wedge has shown its effectiveness in daily chart
• RUSSELL 2000 INDEX EOD ANALYSIS
  
• POWERSHARES QQQ TRUST SERIES I WEEKLY ANALYSIS
  
• DOW JONES WEEKLY ANALYSIS
  

Dow jones end of day analysis

DAILY CHART

DAILY CHART - LINE

• Dow jones closed above its 10 day and 20 day SMA
• But it has some more distance to go for the 200 day moving average.
• The falling wedge shown here in line chart has been quite effective.
• The fibonacci level of 23.6 has been conquered. Now dow is moving towards the 38.2 retracement level.

Dow jones consolidation resolved on the upside

• The raising wedge break out was a false one.
• The delay in the expected down move suggested something was wrong.
• The flag and the pole did it for the bulls. At least till now

Dow jones consolidation will be resolved soon

• Dow jones has formed a flag and pole kind of pattern.
• The exact rules of flag and poles was not followed while drawing this one.
• But i feel this one can resolve this consolidation.