Currently Dow Jones and other world market are really into news headlines whether to bull or bear regardless of another main factors of the commodities news and companies performance announcement. This shows that there is uncertainty in the market whether currently it is Bullish or Bearish.
The Dow Jones was deflated after the Fed Talk.. From Positive 50 points to negative 100 points ( That is about 150 points in a day)
U.S. stock indexes fell Tuesday, surrendering gains after a nonvoting Federal Reserve member, Charles Plosser, offered a negative take on the central bank’s latest round of monetary easing. Read more .....
Let check on the Stock Analysis Chart for Dow Jones which was closed on 25 September 2012
2) Support/Resistance - formed Higher high ( Bullish)
3) MACD - (Bearish) and now the bull signal is retracing to meet up with the bear signal to discuss on about the future of next week whether to go to bull or bearish..
a) Bearish Crossover -(Bearish)
b)Kiss Of Life ( Blue Signal rebound from the red signal and goes up) - ( Bullish)
4) RSI - retracing slightly toward 70% ( Slightly Bearish) but if observed carefully it is retracing. Watchout if it goes near back to 70% because currently it is a overbought position which means profit taking will take in place
5) STO - Bearish Crossover and testing the 80% support -(Bearish)
6) Ichimoku - a) Above support cloud (Bullish). b) Conversion line above the base line (Bullish.
c) Price above the baseline ( Bullish)
7) Candlestick - 2 black continuation candles after a shooting star. (Bearish)
Conclusion:
Bullish
Might observe a healthy retracement towards 13348 before going up again
Resistance at 13570/ 13932 / 14156 / 14338
Support at 13348/ 13242/ 12984 / 12803
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