Dow Jones reached it's previous sell signal minimum downside technical target @ 16,000 overnight

Angela Mangan

QMG Pty Ltd

Dow Jones reached it's previous sell signal minimum downside technical target @ 16,000 overnight. No sign of base forming. To repeat our view detailed in Livewire on Monday A major global market turning point / major trend change occurred last Friday night due to a cluster of index technical sell signals generated - S&P500, Nasdaq, DAX and CAC. This follows the sell signal triggered on the Dow Jones the previous day, and earlier sell signals generated on the ASX200 index, FTSE and Nikkei over recent weeks. Given these index sell signals have occurred in rapid succession is a major technical indicator of the degree of downward momentum that is now in force across key global markets. Significant downside is expected to occur from current levels. (The Dow, FTSE and Nikkei have reached initial downside targets, but no sign of base forming).

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Angela Mangan
Technical Analyst
QMG Pty Ltd

Angela has over 30 years experience in the technical analysis field. She provides technical analysis coverage of major Australian and global stocks / key markets, including provision of a bespoke technical service to wholesale clients.


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