Technicals - Dow Jones technical sell signal generated

Angela Mangan

QMG Pty Ltd

The Dow Jones has completed a technical top formation / closed below key support, generating a technical sell signal. The index technical outlook has turned negative. The minimum downside technical target is located at 17,600 - the minimum expectation for a pullback. It is interesting to note that the Dow Jones has activated a technical sell signal within a week of the US 10 year bond yield experiencing a trend change as highlighted in previous Wire (VIEW LINK). Currently there is no potential for technical top formations to be generated on the other key US indices - S&P500 and Nasdaq - but both are approaching overbought levels on a momentum basis, which is reason for caution from a technical perspective.

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Angela Mangan
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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