Quote:
Originally Posted by Segwin
Looking at the Dow monthly shows that there have been three attempts to push higher met with resistance (not a good sign in and of itself). The most troubling indicator is the shooting star as shown in the pic. Shooting stars often are signs of a reversal that is coming soon. I would think that's why there has been a buzz about the economy.
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Looking at your monthly chart, there must be what, 4-5 other shooting stars, and no comment about what happened after them? And immediately to left of the star is a bullish tweezer pattern, so why wasn't a buzz about that? Maybe it didn't fit the media's planned narrative.
On weekly charts it has closed over 27,000 on three different times. There's no magic to testing a resistance line three times, just a good average or rule of thumb. Last week it was the bond yields causing the buzz, and before and after that the trade war, now it's July's monthly candlestick shooting star? Nothing goes up in a straight line, but who knows long it will stick below that line. It does give old Joe Kernen on MSNBC something to cover.
