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Bulkowski's Blog Archive: ^DJI
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As of 01/26/2021
Indus: 30,937 -22.96 -0.1%
Trans: 12,643 -206.55 -1.6%
Utils: 864 -7.76 -0.9%
Nasdaq: 13,626 -9.93 -0.1%
S&P 500: 3,850 -5.74 -0.1%
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YTD
+1.1%
+1.1%
0.0%
+5.7%
+2.5%
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32,000 or 29,600 by 02/01/2021
13,500 or 12,300 by 02/01/2021
890 or 800 by 02/01/2021
13,750 or 12,700 by 02/01/2021
3,900 or 3,625 by 02/01/2021
|
|
As of 01/26/2021
Indus: 30,937 -22.96 -0.1%
Trans: 12,643 -206.55 -1.6%
Utils: 864 -7.76 -0.9%
Nasdaq: 13,626 -9.93 -0.1%
S&P 500: 3,850 -5.74 -0.1%
|
YTD
+1.1%
+1.1%
0.0%
+5.7%
+2.5%
|
32,000 or 29,600 by 02/01/2021
13,500 or 12,300 by 02/01/2021
890 or 800 by 02/01/2021
13,750 or 12,700 by 02/01/2021
3,900 or 3,625 by 02/01/2021
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Written by and copyright © 2005-2021 by Thomas N. Bulkowski. All rights reserved. Disclaimer: You alone are responsible for your investment decisions.
See Privacy/Disclaimer for more information. Some pattern names are the registered trademarks of their respective owners.
Blog Posting: February 4, 2008, Dow Down From Here (^DJI)
The chart shows the Dow Jones Industrial Average with Fibonacci retrace values highlighted. They are the three red lines at 38%, 50%, and 62%, and they
mark the upward retrace of the move from A to B.
The lines represent common reversal points. So far, a reversal hasn't happened, but we are right at the 62% line after a week of strong gains.
Based on this and other charts, I sold a stock this morning (Charlotte Russe Holding, CHIC), expecting a short term reversal to occur.
Of course, the Dow could continue rising and the next turning point would be 75%. However, if that were to happen, I would say that the bull run is intact, and
I would have to look for the next turning point.
Aftermath
As the chart shows, the Dow touched the 62% retrace line and then tumbled, climbed again to the 62% retrace line and then moved lower. What more is there to say?
-- Thomas Bulkowski
Written by and copyright © 2005-2021 by Thomas N. Bulkowski. All rights reserved. Disclaimer: You alone are responsible for your investment decisions.
See Privacy/Disclaimer for more information. Some pattern names are the registered trademarks of their respective owners.
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