Review of the US markets | Technical Analysis | Stock Indices

 

On the top is the daily chart of the Dow Jones, and below that is the daily chart of the S&P 500. Both have an almost identical pattern in this snapshot. The DJI has been bouncing within a relatively wide range, but its peaks have been getting lower. We now see double resistances at the downward sloping trendline and the range top. The Dow will have to clear both before any real bullish sentiment can materialise. Till then, the trend still has a downward bias. Furthermore, Moody’s has recently downgraded Belgium, further fueling fears about the Euro domino effect. Monday is a US Holiday (Columbus Day) and banks are closed, but markets remain open. 

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