US30 Trend Analysis
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The US30 has entered a bull trend with higher highs and a consolidation within the 36000-36400 range. It seems to be holding the 36000 level and bounced to consolidate around that range when it dipped below to the 35800 area briefly.
The VXD (DOW Volatility) has been following a strong downtrend with gaps to the downside following the end of market hours. It has been validating the middle standard dev line line of 2 in terms of a level of resistance.
On the 1hr chart, this shorter-term bull trend can be seen. It is likely that a pullback to the thin trend line or even the bottom line could take place, but a quick bounce would be likely, as the US indices and economic news have been bullish over the past week. With PPI on Thursday, and sales reports on Friday, we can hope that holiday sales will make for positive reports (especially with the NAS100 at strong demand levels). Positive reports could be a catalyst for a retracement to highs prior the dip, which could be around the 36500 range, or even a break above 37000 to kick off all-time highs for the month of January.
The price recently retraced to begin a slide to the lower trend line but was bought up before it could do so. By not making a double bottom or even touching the pullback support line, a sign of an upward push and momentum are seen, which is also shown in the SOEN MI cross and in the RSI uptrend (4hr). The strong bullish candles (4hr) over the past week as the NASDAQ begins to bounce signal a healthy economy.
As economic reports play a large factor, COVID plays a larger one. Considering the news of new cases and regulation, we could see another wave which could be catalyst for a pullback. This does not seem as probable as price dropped earlier today/yesterday and selling momentum was quickly squashed as price bounced and began consolidating around the 36200-36300 level. If sellers today tried to create a bearish move, the buyers today had more steam by creating this consolidation. Sellers would need to make a move by the end of the week to push the price down. If we see some upward after-hours movement, it is likely gearing up to try and test the 36500 level, which is probable to happen before a retest of 36000.
While momentum shifts to the upside today, it is important to note that this push could easily be short lived with negative news. If price begins to slide here, bulls need to be ready for a break in the shorter uptrend. A break in the short trend could indicate a retest of the long trend, and a break in the long trend can indicate a US30 selloff all the way to the demand zone around 35000.
*Not financial advice. Do not make trades as you will lose money. Leveraged products carry higher risk.
The VXD (DOW Volatility) has been following a strong downtrend with gaps to the downside following the end of market hours. It has been validating the middle standard dev line line of 2 in terms of a level of resistance.
On the 1hr chart, this shorter-term bull trend can be seen. It is likely that a pullback to the thin trend line or even the bottom line could take place, but a quick bounce would be likely, as the US indices and economic news have been bullish over the past week. With PPI on Thursday, and sales reports on Friday, we can hope that holiday sales will make for positive reports (especially with the NAS100 at strong demand levels). Positive reports could be a catalyst for a retracement to highs prior the dip, which could be around the 36500 range, or even a break above 37000 to kick off all-time highs for the month of January.
The price recently retraced to begin a slide to the lower trend line but was bought up before it could do so. By not making a double bottom or even touching the pullback support line, a sign of an upward push and momentum are seen, which is also shown in the SOEN MI cross and in the RSI uptrend (4hr). The strong bullish candles (4hr) over the past week as the NASDAQ begins to bounce signal a healthy economy.
As economic reports play a large factor, COVID plays a larger one. Considering the news of new cases and regulation, we could see another wave which could be catalyst for a pullback. This does not seem as probable as price dropped earlier today/yesterday and selling momentum was quickly squashed as price bounced and began consolidating around the 36200-36300 level. If sellers today tried to create a bearish move, the buyers today had more steam by creating this consolidation. Sellers would need to make a move by the end of the week to push the price down. If we see some upward after-hours movement, it is likely gearing up to try and test the 36500 level, which is probable to happen before a retest of 36000.
While momentum shifts to the upside today, it is important to note that this push could easily be short lived with negative news. If price begins to slide here, bulls need to be ready for a break in the shorter uptrend. A break in the short trend could indicate a retest of the long trend, and a break in the long trend can indicate a US30 selloff all the way to the demand zone around 35000.
*Not financial advice. Do not make trades as you will lose money. Leveraged products carry higher risk.
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As you can see, it is validating the stronger support line after a predicted break-down in the small one. Consensus: Long
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