Chart of the Day: DJI

Blake Morrow Forex Analytix

The DJI or Dow Jones Industrial Average has been out of the spotlight as the market continues to watch the SPX hit new all time highs and see traders rotate out of the high flier in the NASDAQ. This week the DJI has hit a recent high from last week and seems to be rejecting this level. What is interesting about this level is that it is slightly above the previous 2020 highs and also the 127% extension of the Oct/Nov move and bounce from the 200dma. Daily RSI is divergent which also suggests that risk vs reward may not be the best for longs now.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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