DANGER WEEK AHEAD FOR THE DJI & MARKETS
The next 2 weeks in the market will likely be a roller coaster ride of volatility and emotion for inexperienced traders/investors alike.
I see red flags everywhere in the markets. Lots of bearish divergences, rounded tops, complacency, bullish sentiment. New high after new high in the traditional markets, with cryptos also on a nice rally.
I've been keeping watch on this DJI chart since July of 2020 and think now is the time to share it. As you can clearly see price action has been in a massive rising wedge. Price fell out of that wedge back on June, 11th of this year. Since then we have made new highs albeit very small and still below the wedge. Currently it seems to be in a smaller time frame ascending wedge.
I want to bring your attention to the convergence of all 3 of these trend lines. The first 2 being both rising wedge lines and the third is the top of the local ascending wedge. Interestingly enough they all meet on Friday, September 10th; the last trading day before the 20th 9/11 anniversary.
I can see a meltup on the DOW this upcoming week to 37,850 or so before a nasty rejection kiss off these three lines. Then a crisis (catalyst) happens this weekend and when trading resumes on Monday, September 13th complete carnage ensues. I'll leave it up to you to figure out what that might be, but the significance of the date along with what is going on in Afghanistan should give some clues.
Fundamentals are liquidity via unemployment stimulus drying up, housing eviction moratorium coming to a halt, labor and supply shortages. Just this week Toyota announced they were slashing global production by a whopping 40%!
I want to close this post by saying that I hope nothing bad happens to our country and the world this month. The last 18 months have been stressful enough. Unfortunately the charts are screaming otherwise.
I'll follow up with a closeup of this chart and also some supporting documentation.
I see red flags everywhere in the markets. Lots of bearish divergences, rounded tops, complacency, bullish sentiment. New high after new high in the traditional markets, with cryptos also on a nice rally.
I've been keeping watch on this DJI chart since July of 2020 and think now is the time to share it. As you can clearly see price action has been in a massive rising wedge. Price fell out of that wedge back on June, 11th of this year. Since then we have made new highs albeit very small and still below the wedge. Currently it seems to be in a smaller time frame ascending wedge.
I want to bring your attention to the convergence of all 3 of these trend lines. The first 2 being both rising wedge lines and the third is the top of the local ascending wedge. Interestingly enough they all meet on Friday, September 10th; the last trading day before the 20th 9/11 anniversary.
I can see a meltup on the DOW this upcoming week to 37,850 or so before a nasty rejection kiss off these three lines. Then a crisis (catalyst) happens this weekend and when trading resumes on Monday, September 13th complete carnage ensues. I'll leave it up to you to figure out what that might be, but the significance of the date along with what is going on in Afghanistan should give some clues.
Fundamentals are liquidity via unemployment stimulus drying up, housing eviction moratorium coming to a halt, labor and supply shortages. Just this week Toyota announced they were slashing global production by a whopping 40%!
I want to close this post by saying that I hope nothing bad happens to our country and the world this month. The last 18 months have been stressful enough. Unfortunately the charts are screaming otherwise.
I'll follow up with a closeup of this chart and also some supporting documentation.
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US 10 Year Looking ready to rise
US 10 Year Looking ready to rise
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VIX has bottomed and looking to break it's falling wedge
VIX has bottomed and looking to break it's falling wedge
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What is currently happening in the crypto markets is a preview of what is to come.
Closeup of present day